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Updated over 17 years ago, 06/26/2007
HELP...What should I do??
Okay, here goes...
I have what I believe to be an excellent investment property:
ARV= $400k
Purchase Price: $240k
Repair Value: $12k
The problem is this,
It is a bank-owned property and the bank needs verification of funds BEFORE signing a purchase contract. I was planning on wholesaling this property (would have preferred to Double Escrow...don't have time), so therefore would need to market it to my buyers. My question is, how do I market such an excellent investment property to my buyers without them trying to go around me and deal, knowing that I don't actually have the property under contract? in other words, I need my buyer to submit a proof of funds to me so that I can give it to the bank. If my buyer knows that I don't have the money, they can cut me out the deal.
Is there anyway for me to market the property without actually telling my buyer that I don't technically have the property under contract?
Please Help! I don't want to pass up this deal.