Wholesaling Expensive Properties

[Garrett Jacks]

Howdy!

I just began my first yellow letter campaign about a week ago. I received a call today from an agent about a 4BR/4.5 bath house that is listed on the MLS for $1,045,000. The owners purchased this property in 2005 for $1,600,000 (verified the agent told me the truth via Zillow). It's been on the market for "a while," and the price has gone down considerably, but the place has not sold.

The agent says that the owners are very wealthy and not hurting for money, or motivated at all. This tells me it's probably not a good property to wholesale.

BUT... since they bought it for $550,000 more than they are trying to sell it for, what does this mean? The agent says that the owners have furnished the place and intend to sell it fully furnished. The only comp that's even close sold for $862,000 a few months back, but it's square footage is far less and it's a 3BR/2Bath place.

Based on all of the above, should I even waste my time on this place? The only reason I ask is because it was purchased for such a high price in 2005, and the listed price keeps dropping.

Any advice would be greatly appreciated. Thanks!