If so, purchase and hold for yourself, or place tenants, and resell to investors as income property.

So I left the company with 12 contracts on the table that were all waiting 1-3 months already to hear back from the banks.I came here first to look into learning how to buy houses and then fix them up and resell them, but after reading some posts and blogs here I have changed to wanting to wholesale, at least for now.

If you are looking to rehab the property to resell, I would advise you to consider another property - that is unless you can sell the land as vacant.

Many REO deals will have a deed restriction against reselling the property within 90 days.

Keep it for a while until the smoke clears and realize your profit another day, or just keep it.Jeff, what makes you think the agent has 160k, or would even want to do that deal. 160k in and reselling it for 185k is a pretty slim margin after closing costs the next go around.

If you are planning on reselling the property, the buyer may require that you provide title insurance, but in that case you could just buy it then.

You only get that when you fulfill the contract.You want to turn around and resell the property to a new buyer.

If you are buying to rehab and resell to owner occupants, look at your school districts as the biggest buying pool has kids.

The reason this matters to an investor, is that if you are renting or reselling to an end buyer, you reduce your pool of tenants/buyers if you have a property with a stigma.I have a building where one of the tenants committed suicide while I owned it.

This letter indicates all the terms and conditions of the sale and includes things like:- The buyer's name (so nobody else can buy it)- The purchase price- The net amount to the lender (how much the lender will get from the sale after all fees and commissions)- How much commission the agents will get- The timeframe to close (normally, this is a "must close before" date)- All the other terms and conditionsThe other terms and conditions generally include a provision that says that the seller isn't allowed to make any money off the sale (other than what the bank might provide) and then will sometimes say that the buyer can't resell for some period of time as well.