Okay, I am trying to get started in wholesaling, and we just got our 1st call resulting from our recent marketing! Exciting! We spoke to the lady and she is about to be foreclosed on and wants to sell...she said she had an agent that told her the house is worth 290,000 and she owes 250,000. It kinda sounds like she's wanting 290, but givin her situation I don't know. We will be visiting her and the home later today.
I guess my question is what exactly should I be asking her, and if all is true and the house is in good condition like she stated and worth 290, is it even worth it for us to try and purchase at what she owes? Is it enough of a discount to be able to wholesale? I have read so much about the 70% rule, but does that apply for situations like this where the house supposedly is all good? Like I said, this is the 1st time and even if this isn't the deal for us, I'm glad to be getting the experience and the 1st time out of the way! Thanks
