wholesaling

[Oneil W.]

Is it difficult to close a wholesale deal when the new buyer is using a loan and how do i handle a situation like that? please help!

[Leon O.]

Hi,

Wholesaling to cash buyers is the most ideal situation.  

Cash Buyer 

- Can close quickly to meet what ever close date you have on your contract.

- Does not require a Survey Ordered

- Does not require an appraisal (just another thing to combat, if comes back low & usually does)

- Any Condition is Ok, does not have to meet any FHA guidelines etc.

Bank Financing

- 45 Days to close

- Multiple reasons why a buyer will not get approved for a loan

- Funding can be pulled a day before closing

- Requires an Appraisal/ Survey

- Has to be in move in condition, with no structural problems

- Getting paid will be a pain if you do not have a Real Estate License and can receive a commission

- And/Or Assigns may not work for most bank financing. Some require seasoning of title if properties has changed hands multiple times quickly.

- & its a big cluster ....

I hope this helped

Leon