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Updated about 8 years ago on . Most recent reply

User Stats

9
Posts
1
Votes
Leah Roberts
  • Flipper/Rehabber
  • Elizabeth City, NC
1
Votes |
9
Posts

First time working with wholesaler

Leah Roberts
  • Flipper/Rehabber
  • Elizabeth City, NC
Posted

I have been talking to a wholesaler about a property that my husband and I are trying to buy. We have never dealt with a wholesaler but this particular one seems very inexperienced and we have some concerns. To start, we know the property went through probate and may not have been taken care of correctly. I know the individual trying to sell the home is not the individual on the deed. He is the son of the owners. Both of his parents are on the deed, both deceased, and he has been living in the house the last 9 years and quit paying taxes on it 3 years ago. The wholesaler sent me an assignment contract that I took to my real estate attorney along with an EMD check, but the assignment contract wasn't filled out correctly and I haven't even seen the original contract between the seller and wholesaler. My attorney informed me the wholesaler has a quit claim deed with the seller. There also has been no sort of title search done on the property. My questions are:

1. Is it common for the seller to quit claim deed to the wholesaler? 

2. How do I verify the son even has the right to sell the property?

3. Who normally does the title search? I thought this was something the wholesaler generally started once he has it under contract with the seller.

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