All Forum Posts by: Account Closed

Thanks Justin and Scott. I will definately do more research and see if the seller is willing to lower the price a little.

Thanks!

He said that he's having some financial difficulty and needs out of the loan ASAP, but he's firm on his asking price of 105,000. I had a realtor friend of mine pull up the comps and he determined the ARV is close to 130,000 and rental rates in that area are about 650.00-725.00.

I received an email from an investor that has a home in my area that he has rehabbed and it is ready to go. The ARV is 130,000.00 and he's asking for 105,000 (what's owned on it). He's just ready to get out of the loan at this point and wants to know if I would be able to find a buyer that I could "wholesale" it to, but it just doesn't seem like a deal that someone would want. I'm new to this and could be wrong.......can anyone shed some light on this for me. It is a 3 BR 2BA, over 2,000 square feet and no repairs.....I don't know if that informaton would matter. Thanks!

Thanks everyone for all of the great answers! I'm sure I would be lost if it weren't for you all.

Thanks Dave, I guess I really need to get more familiar with my state's real estate laws. Thanks again!

Thanks so much Jon! That cleared it up for me!

Good morning,

Please forgive me if the question may sound a little naive, but I'm new to this and need some things cleared up. Once a home is under contract for a wholesale deal, do I need to find an attorney or a title company to close on the home? Does it matter if I choose a title co. or the attorney? I'm assuming there will be closing costs, who would be responsible for these,my seller or the the buyer? Thanks!

Thanks Jon! It makes more sense now.......if for some reason the deal falls through, I get my money back right?

If seller asks for earnest money to be placed into an escrow account for wholesale deal, can't I have my buyer pay that? If so, how? Thanks!

Hi everyone! Quick question...well maybe not so quick...Is it possible to wholesale a house with the current tenants there? Can you just go in and inspectthe property (announced of course)? If sold will the tenants need to move out or would the old lease still be valid? Will I need to geta copy of the lease? For a 3 BR 1.5 Ba value at 69,000, rents at 650.00 being sold for 39000.00, would you consider the deal to be a good or bad one? Thanks!