All Forum Posts by: Dante Williams

Well Scott after doing my homework and finding comps that range between $150-$160 within the past three months the value is certainly not the issue at hand. The seller is trying to liqudiate to purchase a bigger project and wants a quick cash close. Now, is there anything that I can do to market this property that I'm overlooking?

I have a newly rehabbed brick 2 unitproperety under contract on the southside of Chicago. It is located in a decent neighborhood and a great block! The FMV of the property is about $150k I'm wholesaling it for $109k. Everything has been rehabbed with a partially finshed basement and duplex ready attic. I'm having problems moving the thing! I put it out to all of my buyers but they would rather purchase and do their own work. I switched strategies this week and started calling land lords from news paper ads and go section8.com. I've already posted on the internet am I missing anything?

George,

Price. Seller is willing to take a loss, but to big of one. we finally agreed after a couple rounds of talks.

Jimmy,

I've got one deal posted on BP already a greystone 2 flat in Garfield park. has unfinshed garden apt easily duplexed! asking 20k! ARV $184 needs about $70-80 in repair. The one I am waiting for the contract to be returned is a 3 unit greystone 10 beds, 3 full baths and two half baths. well put out the details once I have a signed contract in hand. Thanks for the support guys!

Tom,

The seller called today. He signed the contract and I'm waiting for the attorney to send it.

Thanks for the advise! He seems to have no problem with the other clauses. He just wanted the extra cash. I still haven't recieved the signed contract yet.

Hello BP! I have been negotiating on a property for well over a month now. The buyer agreed to the price FINALLY! The buyer told me that before signing he wanted his attorney to review the contract. I put an offer together using the standard CAR contract but added a few things at the bottom. The lawyer advised the seller not to use the title company I suggested. After speaking with the lawyer I agreed to use the Title company he was an agent of. All of the other terms where kept including the or assigns. Did I mess up by giving up home court advantage? Or is it usually standard for the seller to dictate the terms of the closing? How do I handle the assigning of the contract now that the seller's attorney is running the show?

Thanks for all of the feed back. If a deal seems to good to be true, then it really must be to good to be true. I even got the guy to include all of the materials needed to complete the job that are already at the property. It all seemed a little to easy! I will take your advice. Warranty deed or no deal!

I made a verbal offer on a property a few days ago. The seller agreed to the price, but wants to close using a quit claim deed. I asked for a warranty deed, but he says that quit claim will save on closing costs. which is true but should I be suspcious of this guy? I know that there is a little over 3k in taxes owed and the property is in his "brothers" name, but do you all think that there is something else going on?

As I mentionted before this is a wholesale deal. My end buyers for this particular deal are buy and hold land lords who have the capicty to do gut rehabs. They are focused on cashflow. The numbers are very important because it takes a lead that would other wise be lost because the MAO is far less than what the seller could finacially afford to bear. Its about solving a problem and creating a scenario that works for both parties. I have tracked other investments they have made within my farm area. Yes as a traditional wholesale deal the margin is thin, but the cash flow makes it work.