Wholesale MLS property

[Mark Redmann]

Hey BP! 

I hope everyone had a great weekend. Here is the situation. I was contacted by a seller from my direct mail campaign. He has a house listed at 69.9K since March. He also has 4 other properties that he's willing to part with. I don't know if they are listed or not as he didn't send me any I do on them yet. I want to treat him right so that I have the opportunity to help him with the other properties. These houses are in Philadelphia. 

After viewing the property, I called him and said we don't tend to deal with MLS properties. He said we'll shoot me a number. We agreed at 12.5K. I don't have any contracts in place yet with him. I wanted to come to BP first to ask what I should do.

How should I move forward? What should I watch out for? How do you handle wholesaling listed Philly properties? 

Thanks for all your wisdom,

Mark

[Rick Pozos]

From 69.9k to 12.5k?? Call me crazy but that sounds like an 80% discount. 

I would ask him if he is going to cancel the listing or is he still going to pay the agent a fee. It is his decision what he wants to do. Ideally, he would cancel the listing and you buy directly from the seller.  If he is still going to pay the agent, then just raise the price a grand or two to pay the agent and get the contract.

Either way, get it under contract, and start finding a buyer.  It sounds like there will be a good wholesale fee coming to you pretty soon.

Good Luck!!