Who actually buys from these Chicago wholesalers? Joke deals

[Account Closed]

I subscribed to a bunch of wholesalers with the goal being to find some good off market deals but to my surprise half of them are just expired MLS listings that never sold while on market often at an even higher price and the other half aren't even good deals when you run the direct area for comps through the MLS.

For example 7525 S Kingston got sent to me twice by different large wholesalers for $395,000. This property expired in the MLS after months at $295,000. All it takes is 5 minutes of research to uncover by any realtor with MLS access.

Wholesaling properties that are better deals then whats on market is one thing but what's with these "deals". 

[Nick C.]

My guess is it's the same in any market where inventory is tight. To answer your question, who buys from them- newbies. I can't have a conversation these days without someone saying they want to flip houses. Thanks hgtv. It's so easy and fun! 

Those large wholesale operations have plenty of new "investors" to prey on, and more are entering the market every day.