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Updated over 5 years ago,

User Stats

127
Posts
54
Votes
Nandy B.
  • Rental Property Investor
  • Los Angeles CA
54
Votes |
127
Posts

Abandoned bank owned SFH - 2 sellers

Nandy B.
  • Rental Property Investor
  • Los Angeles CA
Posted

I want to buy a bank owned SFH that needs work but has a lot of potential in the rural area my parents live in (long distance for me).

There are 2 sellers at the moment

1 - A realtor who is asking for slightly more $2900 and wants me to pay seller and buyers closing cost. I have worked with realtors, this person will probably draft the contract and be more credible...

2 - A wholesaling company who is offering a slightly lower purchase price $2500. I have never worked with a wholesaler before and don't know how much I trust them.

❓❓Many Questions ❓❓

What's going on here? Does the bank really owns the property? Is the realtor aware of the wholesaler? Should I tell them? Can I call the city to find out if there any liens?

How do I proceed with this offer❓

Should I offer a low low price to the realtor and offer to pay closing costs? Or work with the wholesaler?

I don't want to low-ball the realtor too much but they are not in a position to negotiate. "The banks'just wants to get rid of this property? It has gras growing almost 6 ft tall. The city might put a lien on it, or probably already has.

It's a rural town, they don't want to pay for any upkeep and I m taking the property off their hands.

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