Possible wholesale

[Pat Winter]

I talked with a RE agent who handles mostly the foreclosures, REOs and he has a house 4850 sq ft house for $289,900 - this house has been on the market going into its third month. Agent tells me the house will sell easily for $600,000 ARV even in this down market.The house is located in the most exclusive neighborhood in my town. He ran the comps and it looks good in that respect too. He said there is mold but he had estimates and was told it would cost appx $12,000 to remove. The house needs some updates and repairs totalling, by his estimate, appx $60,000 by the way that includes the $12,000 for the mold removal. I need some an investor(s) because i have no money to get this...I have pictures and comps if anyone is interested.
Can someone give me some advice. please pm me. Thanks.

[Demos Loizides]

If you dealing with a Realtor, he will use his lengthy contract, which will also require probably a minimum of a $500 earnest money deposit (EMD). You didn't say whether this house is an REO property. If it is, the EMD will probably be at least $1,000. You said you have no money so this will be a problem.

If you get this under contract, you would still need to quickly find and end buyer that can either partner with you or do a double close using transactional funding.
If the house has been on the market for 3 months, you can offer a lot less, unless the price was recently reduced.

If this isn't an REO, why is he selling so far below the ARV? If it isn't an REO or short sale and his ARV and repair figures are good, then you may have a good deal. If you add the sales price to the repair estimate and a $10,000 assignment fee, you end up with 60% ARV for the end buyer. That's good in some places, but no so good in others.