All Forum Posts by: Dominique Poindexter

@Michael Ablan Thanks for the feedback! I lost the other two houses I had under contract due to both sellers not being motivated enough to sell at the price the buyer wanted to buy at. The numbers I have for the seller and his properties he wants to sell have not been finalized yet. He wants $225K for all three properties but the comps dont match the amount he wants. The properties are in rough areas of town and the value of the areas are not greats. I explained this to him and gave him some time to think about how he wants to proceed. 

Hey Guys! 

I'm super excited! I got my first two properties under contract last month! It was exciting and scary all at the same time! I wasn't able to find an end buyer for both the properties but thats ok because I was looking to get  my feet wet with process! Of course my goal is to make money, but I know with time and experience the money will come. Any who, my direct mail campaign is working! I am not able to send out 1,000 letters yet because of limited funds, but I have a small targeted list that has got me 4 good conversations so far. Two of the four I was able to get under contract, the other two are in the negotiation stage (fingers crossed).  I have a question about a pre-foreclosure. My motivated seller is looking to sell her house before the bank comes in and takes it. She owes roughly $170K and $3,500 in back taxes. The house is worth about $248K and the comps in the area are around $200K. The house has been condemned and flooded and sewer wiring issues . Did I ask enough questions? Am I able to get the house under contract for the asking price of the seller without the bank being involved? Is there a way for me to check the foreclosure price online? 

Thanks! 

@Account Closed

awesome! Very helpful! thanks!!

@Jonathan Makovsky

Very helpful! Thanks so much!! 

@Account Closed

Yes I am wholesaling.

The seller is a private seller and I used a simple 1 page PA.

@Jonathan Makovsky 

My apologies! Im a newbie! Just got my first house under contract! Yayy! 

So I guess my question is do I, as the wholesaler, get the earnest money from the end buyer and give it to the seller? Or do I give it to the title company at closing? Let me know if my question is still unclear!

Thanks so much! 

@Account Closed my apologies! Im a newbie! So I guess my question is whats a good contract to have the buyer sign? Should I have them sign a purchase and sale agreement like I had the seller sign, or have them sign an assignment contract?

Do I give the seller the EMD upfront? Do I get the EMD from the buyer?

Can I use two purchase and sale agreements to close a deal?