Wholesale Deal

[Mehul Mehta]

Dear Community Members,

I have got a proposal from an wholesaler for buying a property deal, so need your suggestions and advice on things to keep an eye on. As I am based overseas and will not be in a position to physically check the property.

The wholesaler has prepared an 'Assignment of contract' but before signing I want your help in giving some insight on the following questions that I have in my mind

1. How do I check if the property exist (can I check government record online to know who is the owner of the property?, Can I get in touch with local realtors who will do this for me? Will the realtor charge me anything for this?)
2. How do I check on the category of neighborhood (A or B or C etc) for the property?
3. What is a good assignment of contract price to be paid for this (like 10% of the property purchase price, or a fix price 3K to 10K?)
4. How do I check if the assignment of contract is legally correct/binding (can someone recommend a lawyer?)
5. What will be the charges for the closing cost? ( Is there a standard matrix to calculate this?)

Some answers for the following questions are still not clear from the agent
How much work needed to rehab the property & estimate for the same?
How much time it will take for rehab?

Once I acquire the property based on the above,
1. How do I check in govt records that I am the owner of the property?
2. What is the average rent in the area for such property?
3. How fast I will be able sell the property in the particular area


Regards

Mehul