Investor · Port Hueneme, CA · Member since 2017 · 73 posts · 34 votes
We have some leads coming from a wholesaler but none of us have purchased non-MLS houses before, kind of jumping in blind. Before we make a cash offer, we wanted to study up and find out how buying from a wholesaler differs from buying through an agent. Do we still need a buyer's agent? Also, can we still do an inspection before sealing the deal usually?
Cincinnati, OH · Member since 2013 · 90 posts · 89 votes
8y
@James R. Copeland
Hey James I am a wholesaler from Ohio. You will be closing at a title company (usually, can be at an attorneys office) so no broker needed. As mentioned you need to bring your “inspector” with you when you first view the property because time is of the essence in a wholesale deal.
Contract wholesaler has with the seller usually has a 7-14 day “inspection” period (aka find a buyer). The longer it takes you to make an offer someone else could easily come along and grab it while you’re waiting on your contractor or whoever to come take a look.
I would never sign a contract with a buyer contingent of inspection. The property is being purchased “as-is.” The time for inspection on a wholesale deal is before you make an offer, not after.
Flipper/Rehabber · Montgomery, NY · Member since 2016 · 2k+ posts · 1k+ votes
8y
In my area, no realtor, but yes you get to inspect the house. If you can bring a contractor along (one that will agree to viewing a house prior to you getting it under contract) they can give you their costs. I have yet to find a good wholesaler deal, but I am always looking.
Cincinnati, OH · Member since 2013 · 90 posts · 89 votes
8y
@James R. Copeland
Hey James I am a wholesaler from Ohio. You will be closing at a title company (usually, can be at an attorneys office) so no broker needed. As mentioned you need to bring your “inspector” with you when you first view the property because time is of the essence in a wholesale deal.
Contract wholesaler has with the seller usually has a 7-14 day “inspection” period (aka find a buyer). The longer it takes you to make an offer someone else could easily come along and grab it while you’re waiting on your contractor or whoever to come take a look.
I would never sign a contract with a buyer contingent of inspection. The property is being purchased “as-is.” The time for inspection on a wholesale deal is before you make an offer, not after.