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Updated almost 7 years ago on . Most recent reply
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How do I do my first deal with a wholesaler?
I am just starting in real estate investing and found a decent deal with a wholesaler. On this deal, there was a $5K nonrefundable earnest money deposit and of course the house was being sold 'as is' - and the buyer would not be able to see inside the home. There were a few pictures provided.
I was worried about due diligence - how would I know if the title is clean and how would I know if there were serious problems with the house without a home inspection? How do you do due diligence in wholesaling scenarios without potentially losing your earnest money deposit and title search fees? I know I can do a preliminary title search on my county's website. But, I'm definitely not an expert at reading and understanding titles. I think the county's information may be missing other judgments and liens???
Would someone be able to outline for me how they would purchase a home from a wholesaler while still doing due diligence?
Thank you so much!
Most Popular Reply
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Sounds way too risky for me.
$5k non refundable! What are they trying to hide by not allowing you into the home?
I would wait for a deal that doesnt put your $5k on the line like that. Do a deal where you are able to walk the property and do proper due diligence.