Help. Seller owes what the house is worth. What do I do?

[Geoffrey F.]

Hey BP fam,

Excuse my noviceness but I would love some  of you folks that have more legwork to help me decide if this is a deal or a waste of time.

Call from a direct mail

1800 sq 4/2.5 bd/bth - $120k - $130k - Sold comps and Seller says he owes about $120k with a mortgage of $1250/Mo. Its in good condition well kept 10-15k repairs.

Any advice or help would be so appreciative.

If I don't have anything here I understand. 

Seller is very motivated and I would like to help and give him great service. 

Thanks in advance!

Geoff,

[Ed L.]

I never understood this aspect of wholesaling.   This is a common question on bp.. "I found someone wanting to sell a house!!!  They want full retail for it??  What do I do???  Someone wanting to sell doesn't equal a deal.  Especially a wholesale deal.  

There are thousands of homes listed for sale on the Mls for retail pricing.   I'm sure of those thousands probably 50% have a considerable amount of equity.  Of the 50% probably 10% are very motivated to sale and would give up said equity for a quick sale.   

So the question is why devote a considerable amount of time and energy bothering with a deal like this?  

My advice would be build a relationship with a local realtor.  Send these retail sellers to the agent and hopefully he/she can help them out and squeak in a commission on the deal.   In return hopefully said agent will alert you when a real deal comes along.