Can you wholesale a bank owned property?

[Jade Davis]

My mother works as a paralegal at a lawyers office. Long story short, she told me about a property that the bank got through foreclosure that they desperately want to get rid of to be done with the case her office is bringing against them. The house is valued at $199K however the PI for my moms office said it's in very bad shape. My mom said she can give me contact info for the lawyer representing the law firm if I think I can wholesale it but I have no idea if you can wholesale a bank property? Anyone with more experience than I have words of advice for me?

[Joe Villeneuve]

Originally posted by @Jade Davis:

@Joe Villeneuve this would be my first wholesale (our first direct mail campaign doesn't even go out until January 2nd). Would you say this is not the right type of property for a newbie to begin on or should I just jump in with whatever gets thrown my way? 

 That's a tough question.  Here's why.  In order to make a deal happen, you need a buyer, a seller and a property.  I know...nothing like stating the obvious.  There's a reason for me stating it though, and it's based on your question.  What you have is a property, a seller...but no buyer.  To me, that's not investing...that's speculating.

I always, ALWAYS, start with a buyer.  Why?

1 - It doesn't cost you anything, so you're not putting anything at risk.
2 - The hardest thing to find is a Buyer.
3 - I believe that "reverse engineering" is always the best way to make things happen.
4 - By starting with your Buyer, all you need to do is fill an order.

If you have a Buyer(s) criteria, and you can't find them a house, you're out nothing but your time...which you would have spent anyway if you started by looking for the house first.

If you start with the house, and you can't find a buyer, you're out the time...and, you're probably out your EMD money too.

Keep this old saying in mind, because it applies here:  "Whoever has the gold, makes the rules".  in this case, the Buyer has the Gold.  So start with what they want.