Questions to ask a wholesaler about a deal - Philly Deal

[Maricruz Romero]

Hi BP,

I am currently looking into a wholesale deal in Philadelphia. I am a first time buyer so I want to make sure I ask the right questions if I decide to buy from a wholesaler. I am currently looking into a wholesale deal but I only have the following information: Price, sq. footage, clear title (will do a title search on my own), pictures, buyer pays for transfer tax, they are looking for a 1 week settlement. I am planning on contacting them and requesting the following information, I know I have to do diligence on my own but figured I should ask for these numbers and then try to compare to my estimates:

- ARV - What is the your estimated ARV and can you provide me with the comps you are using?

- Repairs - Do you have an estimate of repairs needed? What are kind of repairs are you including in your estimate?

- Can an inspection and appraisal take place before closing? 

Any other questions or things I should keep in mind when requesting information about a deal from a wholesaler? Thank you, any advice is appreciated.

[Bill Plymouth]

Bring in your own contractor for estimates on repairs.  When it comes to comps, I would suggest running them on your own or with the help of a trusted realtor.  While working with wholesalers can be beneficial (I know a many respected and reputable ones) an inexperienced wholesale practitioner can be a major detriment.