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Updated over 12 years ago,
Do you see this as a bad move?
I have a home I am going to be putting under contract from a motivated seller. I came clean to the seller about what I do and how I make money and she seems cool with it. I want to know if I should go through with this deal or not. I have already been talking to her about all the information I need to know about the property. There is something that concerns me a bit. Normally I would wholesale vacant properties. This means I can look around at the property myself, take pictures, or have the end buyer come by to look at the deal with no one else there. This is different for me because the buyer still lives in the house. At some point the buyer will have to come by to look over the property in person, especially if they are local buyers. Since I am the one the end buyer needs to be talking to, how can I make sure the original seller who still lives there does not try to get involved with the business transaction between me and the end buyer I am assigning the contract to. Not only that this may hurt the deal because now the seller and end buyer have met each other face to face before even getting the deal to the closing table. Everything is already out in the open. I am afraid the seller and the buyer would eventually get to talking then find out how much I paid for the property and how much more I am selling the property to the end buyer.
There is one more issue with the description of the property. The seller says home has 2 bedrooms. The internet has the home listed as having 3 bedrooms. I told the seller about this and she has no idea how the internet put the wrong information out there like that. Seller insists house has 2 bedrooms. How big of an issue is this going to be after the buyer do their own background check and notice the difference? And what is going to happen to the value of the home once the error is discovered? The estimate of the house is already in the $40k price range with 3 bedrooms and 1 bathroom. What would the value be with 1 less bedroom and 1 bathroom? Should I get homes under contract where the seller still lives there? The deal is still good. It's just that the seller is living in the house I am trying to wholesale, which could cause a problem between me and the other buyer.