All Forum Posts by: Account Closed

Thanks very much for the advice, Richard and Wheatie. I know I will be back with more questions. I have learned so much from this site and appreciate the advice everyone is so willing to share!!!

Thanks for the reply.
I know that there is a deal here....at least ~60k spread, I just don't know how to make it happen. And I guess that is truly what I am asking for advice on. I don't want to hold onto the property nor do I have the funds to purchase the outright. I want the deal, but don't know how to structure it since it is with the bank. What are your suggestions?

Thanks :)

Hey All,
I am newbie new, so my first goal is to do complete a wholesale deal. I was given reliable information on a house and need some advice on how to proceed.

The property is 4 bed, 3 bath, 1/2 finished basement, ~3000 sqft and is bank owned. The bank wants $159,000 and the comps in the same neighborhood are ~$220-270,000. It seems like a great deal. So, first question: Do I move on this or not? If so, I am not sure if the same rules apply since the property is owned by the bank. When working with motivated sellers I understand the process of putting a house under contract (purchase and sales aggreement...and do my due diligence...and find a buyer.) But how do I proceed with a wholesale on foreclosed home?

Thanks for all the advice!!! :D