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Updated over 9 years ago, 06/29/2015
Buying from a wholesaler - feedback needed
Hi BP community,
A wholesaler is selling a property in a good area that I am interested in, but have never bought from a wholesaler before. Here is the info from the wholesaler:
EST ARV $95,000
EST REPAIRS $9,000
EST MARKET RENT $1,250
EST RENT REPAIRS $3,000
PRICE $41,000
CASH OR HARD MONEY ONLY
BUYER PAYS ALL CLOSING COSTS
PROPERTY TO BE SOLD AS-IS
CLOSE DATE: JUL 2
PLEASE DO YOUR OWN DUE DILIGENCE BEFORE SIGNING CONTRACT
DETAILS
3 BR / 2.5 BA / LARGE ATTACHED GARAGE
RANCH STYLE
LIVING SF - 1421
LARGE LOT - 1/2 ACRE
BRICK
ROOF, HVAC AND FOUNDATION APPEAR TO BE IN GOOD CONDITION.
REPAIR ESTIMATES
KITCHEN FLOORING, UPDATE BATHROOMS, PAINT, MISC
TOTAL FULL ESTIMATE: $9,000
DO YOUR OWN DUE DILIGENCE BEFORE SIGNING CONTRACT
-------------------------------------
Records show that this property was bought at an auction for $32,117 last month. Also, this home currently shows sale pending at $64,500, however, I assume that deal fell through for some reason.
What information do I need? Is the July 2 close date set in stone? Do I need to get my realtor involved?
I look forward to your feedback