(entering the contract gives the wholesaler an equitable interest in the property, and makes it legal for him to sell it without a license) He then either closes the property himself and immediately resells to his end buyer, or simply assigns his rights to the contract to an end buyer for a fee.The bottom line is that a Realtor Lists a property, a wholesaler Buys it.

And of course even now people are saying its "the time to buy" ..we've seen this play before and it didn't take only a week for the market to bottom out in 2008.

The bottom keeps dropping.

Have some vacants I am reconditioning to rent out.Looked at carpet.Found a happy medium at .80 sq ft.and 8 pound plush scotch guard pad at .85 sq ft.This is at Home Depot with a very low installation fee of around 35 bucks.Conversely found 12 by 12 ceramic tile for .56 sq ft.My thought process is too install the tile all the way through on the main floor and use carpet just on the stairs and the 2 bedrooms upstairs.Has vinyl down stairs now but actually cost more than tile and get ripped and messed up.Tile would seem to take more abuse and last longer.I can get cheap berber type carpet for .48 sq ft and cheap 6 pound pad for about.49 sq ft. but I am trying to make it look nicer and not cheap.This is why I wanted to spend a little more on a nicer pound foam pad versus rubber composite.I asked about the Home Depot bid room and the sale person said he could submit but the bids are getting rejected as the carpet is already priced so low.Says HD is getting away from the contractor bidding wars to try and get the price down etc.I checked with prices versus Dalton Ga (carpet capital of the world and the prices were just as good or better.HD is measuring the units for free for me tomorrow.On the tile how much is the grout and the bonding agent for the tiles to the floor??

The problem with currencies is that there is race to bottom right now.

Gary,The truth is many wholesalers don't have a dime to their name.They read some get rich quick crap and try to lock up properties for 10.If I am a listing broker there is no way I would allow the seller to go through with such a deal.I would insert multiple clauses if they insisted to a right to continued marketing and a termination clause by the seller at any time in the contract.After all if YOU the buyer have no risk then the SELLER should have no risk either.If you put up a bunch of money that you stand to lose you will hustle like a SOB to FIND a buyer that will perform.If the seller tries to pull the listing early or withdraw there usually is a protection period built in for the broker unless the seller re-lists the property with someone else.Every seller will go through a sales cycle.Sometimes these last more than a year.The further desperate they get the more they will drop on price and be open to creative financing to eliminate their problem.Banks are sellers too and operate this way.I see many bank foreclosures overpriced.Over time they reduce to sell.If you are a wholesaler finding listings on the MLS is NOT the way to go.As a listing broker I would simply tell my client.Rather than selling that low let's keep reducing the price by xx percent each week until we get a contract.This way you will know the highest price the market will bare and not leave any money on the table.The problem is often listing brokers wait too late for a price reduction and it is still overpriced.When a seller reduces they have to be in the bottom 50% of for sale pricing to get a contract unless they have an unbelievable property which isn't the case 99 percent of the time.

The standards are a little tighter and more restrictive now than they were in 2005, but the banks are lending right now and won't stop until consumer demand dries up completely.It may be true that the state of the economy won't improve until after real estate bottoms out but I don't see real estate as the driving force here.

The bottom line for me is I don't need to work any harder to maintain my lifestyle and my financial independence.

And you can tag people by typing @ before you type their name, then clicking their name at the bottom of the message box.

Bottom line is; If you owe taxes on your 1040 the $8K credit offsets that tax-net $ back to you.