acquireing property for wholesaling

[Account Closed]

I am interested a specific property for wholesaling but it is represented by a real estate agent.I read the articles that tell me I should offer $50-$100 earnest money. But I talked to my brother and he says that a real estate agent probly would not take the offer seroisly. should I offer a bigger deposit or try making the offer anyways.

[J Scott]

Originally posted by David Rey:

He said it's no brainer but this property will get at least 10 offers from cash buyers. which effectively pushes me out of the running. all I got is about $100 for EM.

Any seller who has 10 competing offers is unlikely to accept one from a wholesaler (or anyone who has contingencies in the contract). Think about it -- if you were selling a property, would you rather sell to a cash buyer who was willing to commit to the property with a large EM deposit and no contingencies or someone who is looking to wholesale and would have to back out if they weren't successful.

My recommendation is to not rely on the MLS if you are looking for properties to wholesale -- while you may find some, the serious (i.e., cash) buyers have probably have access to MLS listings.