Possible pre-foreclosure deal - advice appreciated

[Aly W.]

I'm looking at a pre-foreclosure 3BR/1BA house with a BPO of $210K. The house is in mint condition, with a huge basement already rough plumbed and framed for another bedroom and bathroom. The township has agreed to grant the buyer a 6 month temporary C/O to finish the work - the seller has no money to finish. All permits are in order.

House is going into foreclosure in November and they are hoping for a contract by September.

Finishing the basement would be approximately $20K. I'm going to check the comps for 3BR/1BA homes, since the ARV for a 4BR/2BA home wouldn't be accurate at the time of closing. Listing agent says the comps are about $240K for the house as-is, which I'll check.

If I can get the house around $170K, I may have a buyer (wholesale deal). I'm a licensed realtor myself. The selling agent is actually the daughter of the seller, but due to the bank's regulations, her broker has to handle the deal.

There has only been one other offer, too low. I'm new to wholesaling, and am not sure if I would get an assignment fee and/or regular commission, which would be subject to the bank's approval.

Any advice would be appreciated, thanks!