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Updated about 6 years ago,
Structure an offer to a Wholesaler (I am the Investor)
The place for the best advice (I hope).
I came across what appears to be a fairly good property, but I am not sure about the repair costs as the Wholesaler said he does not live in town and thus cannot do a site walk without an offer. I have never made an offer on a wholesale deal before. Should I expect to get an option period for a few days for inspections and/or a home tour? I am not going to make an offer with-OUT an out clause if I have not checked the home myself. Or I could make it for what I believe is lot value, in which case, who cares what the repairs are (other than the fact I plan to do basic repairs for rental usage until the property appreciates for new build).
I am also struggling with valuation as it is a bit of a unique property. Double lot, with two houses (but only one address, not sure if I will have time to identify whether or not it can be subdivided, but based on my knowledge of the area, 90% sure it can), so not many true comps.
Anyway, primarily want advice on what kind of contract/offer to make, contingencies, etc. And would the expectation be for us to be in escrow before I can even see the home? If so, what would you expect escrow percent to be? (price will be $120-180k).
Thanks in advance for the advice!