All Forum Posts by: Nandy B.

I want to buy a bank owned SFH that needs work but has a lot of potential in the rural area my parents live in (long distance for me).

There are 2 sellers at the moment

1 - A realtor who is asking for slightly more $2900 and wants me to pay seller and buyers closing cost. I have worked with realtors, this person will probably draft the contract and be more credible...

2 - A wholesaling company who is offering a slightly lower purchase price $2500. I have never worked with a wholesaler before and don't know how much I trust them.

❓❓Many Questions ❓❓

What's going on here? Does the bank really owns the property? Is the realtor aware of the wholesaler? Should I tell them? Can I call the city to find out if there any liens?

How do I proceed with this offer❓

Should I offer a low low price to the realtor and offer to pay closing costs? Or work with the wholesaler?

I don't want to low-ball the realtor too much but they are not in a position to negotiate. "The banks'just wants to get rid of this property? It has gras growing almost 6 ft tall. The city might put a lien on it, or probably already has.

It's a rural town, they don't want to pay for any upkeep and I m taking the property off their hands.

@BOB CRANEY

Love this story...

I m primarily a buy and hold investor.... This story is the reason why I d rather hold. But I do understand that sometimes you have no other choice but to sell

@Steve Vaughan

It is really tough to compete with the Midwest.

I m in Texas and although it's just a neighboring state. I m amazed at how much more cash flow vs money invest you can have in Oklahoma.

I live in Texas but will be investing in Oklahoma soon.

Maybe long distance invest🤷🏾‍♀️

@Bob Prisco

That's an interesting comment.

Is it better to sell or hold. Even if it's just for a little awhile.

@Lynnette E.

I ll clarify with the realtor...

Is a double closing the same as paying both closing costs.

The realtor said double closing but he went further and said the bank wanted me to pay "their" closing costs.

I ve asked the seller to pay my closing costs before and that was normal, are they in this case asking me to pay their closing costs or pay to close the deal twice?

I ll clarify with the realtor, but if he s a "scammy" wholesaler he probably won't be honest.

@Lynnette E

Thank you for your input... I do have to ask some follow up

The guy thru Keller Williams insists he s a realtor and not a wholesaler

We looked at the propertye and there was a "note/ad" from a wholesaler company asking for an even lower price than the one listed on realtor.com. The realtor wants to see proof of funds...

It looks to me like the wholesaler is marking down and the "realtor" (who insists is not a wholesaler) is the one marking up and asking me to pay the double closing.

How do I handle it?

I would hate to involve my realtor on a $3k deal I feel like it's a easy of their time.

I do want the house but will not pay more than $5k total for it. I ll either offer a lower purchasing price $1900 and pay the double closing or a price closer to the listed price for only buyer's closing $2500.

That's the offer I was going to make the realtor.

@Lynnette E.

You were right!!!!

It is thru a wholesaler!!

They are freaking out because the property hasn't been selling. They are trying all they can to sell it. But only digging themselves deeper. I did make them an offer for lower the purchase price and only the Byers closing cost with closing as early as 1 week.

They can take it or leave it . I m not the one who s desperate here. I have options.

@Mike Sedlacek

Your awesome!!

Thank you for the very practical and to the point advice.

Nandy

@Bob Anthes

Can I ask how you do your due diligence?

I m about to buy 2 potential rehabs at really low costs in a rural area. I can't seem to find any information. Also I m 400 miles away but my parents live near by and will be my eyes on the ground.

Yes the rehab process is very stressful. I think the most important thing someone needs to succeed in Real Estate Investing is resilience.

@William Goodlett

Both of these properties are on the MLS.

Unless whole sellers list thru Keller Williams.

I definitely hear all of your input and will consider them all.

Thank you