All Forum Posts by: Melissa Hoffman

Hello, I am a wholesaler and I am hoping to find a buyer for a seller that would be happy to owner finance and I have some questions. The potential buyers are all interested in flipping the property, not keeping it long term. Would the seller and the buyer negotiate these terms AFTER the seller and I put the house under contract? Or do the seller and I negotiate those terms and THEN I present those terms (along with sale price) to the potential buyers? Also, is the interest (say 5%) for the full purchase price and paid each month? Or is the 5%  divided for an entire year? Are the down payment and mortgage payments then subtracted out from the final price once the house is sold? Would this change anything on my end, payment wise?  Sorry...this is a new concept to me. Here's an example of what I'm thinking it would mean for the seller and buyer...please correct me if I'm misunderstanding:

Purchase price: $500,000

Down Payment: $10,000

Monthly Payments: $2,000

Interest (5%): $2,083 

Amount paid (less down payment) in 3 months: $12,249

Balance due, once house closes: $484,000

Is this correct???

New wholesaler here! I'm looking to do some door knocking and I'd love to hear from some experienced wholesale door knockers. As far as the sales aspect of it, I feel like I am pretty well prepared. I've worked in sales for several years and I'm comfortable using presumptive closings, embedded messages, etc. What I have questions about is the PROCESS itself. 

So, first - I have the initial conversation of "I'd like to buy your house..."

Then....Do I make an offer on the spot , even though I am not experienced in estimating repairs? That sounds risky to me. Do I give them an approximate estimate? Do I call a buyer that I know would have interest?

Do I put it under contract that day? If so...how?  Then what...?

Someone told me that I needed to file a notice of interest on the property. Is that correct? They said that if not, someone could come in and offer them more money or something, but I thought once it's under contract, they can't back out. 

Thanks!

Melissa

New wholesaler here! I'm looking to do some door knocking and I'd love to hear from some experienced wholesale door knockers. As far as the sales aspect of it, I feel like I am pretty well prepared. I've worked in sales for several years and I'm comfortable using presumptive closings, embedded messages, etc. What I have questions about is the PROCESS itself. 

So, first - I have the initial conversation of "I'd like to buy your house..."

Then....Do I make an offer on the spot , even though I am not experienced in estimating repairs? That sounds risky to me. Do I give them an approximate estimate? Do I call a buyer that I know would have interest?

Do I put it under contract that day? If so...how?  Then what...?

Someone told me that I needed to file a notice of interest on the property. Is that correct? They said that if not, someone could come in and offer them more money or something, but I thought once it's under contract, they can't back out. 

Thanks!

Melissa