Thanks Steve, but actually i was not going to re-list the property following the sale. My method was to do a double closing with the bank owned property that is listed with an agent. Doing a double closing (from my understanding does not require the property to be re-listed). I am trying not to use my own(cash) or transactional funding to close on the deal. Hopefully this puts us on the same page.
Thanks Tom for your response. The property is located in Detroit. Basically, trying to do a wholesale deal so you know the property is at a steep discount. I have tons of second tier investors(rehabbers/landlords/etc) looking purchase properties at discount, so wholesaling seems be the best exit strategy from my standpoint. As the saying goes, "It's better to make a quick nickel instead of a slow dime." That comment is in regards to me deciding to wholesale the deal versus lease w/option.
Yes you are absolutely correct, there are huge discounts in upscale homes. One can definitely get a great deal on a primary residence and use the buy and hold strategy. Hopefully......hopefully, someday the market will rebound and you'll get the most out of your investment. I see the glass as half-full.
