You're taking a property off the market, if you fail to perform and the contract is seen as a bogus contract, no real intent to buy or ability to buy, forget what your disclosures say you could be held liable for damages suffered by the seller.

And in all actuality, a huge number of those (as I look through my notifications) come from well intentioned folks directing those new comers to resources.Having said that, I don't care how saturated your market is...

The issue about having a clear title got me thinking - (and maybe some of you more experienced wholesalers can help answer this), if our intent is to wholesale a property (by assigning an option, like Matt did), should it just be a standard order of business to order a title search and/or title commitment immediately after we get a deal under contract?

Bob decides that there are some repairs that need to be done and assumes that the owner has no intention of fixing these things (he even admits that he made that assumption).

@Vincent N ,Just be careful you must be sure that you can document your intent is to hold for investment as opposed to Flip.

., they know you are offering a lowball kind of price and your intentions), but the legalities of what you do are different than those an agent/broker is bound by.

@ Bill Gulley: We are completely transparent in our intentions with our buyers.

He seemed pretty intent on keeping a quiet, study-indusive environment.

When your intent is to make money with the added bonus of genuinely helping people, not knowing what you don't know but learning as you go is the only those of us "without two nickles to rub together" is what we have to go by.

Conventional financing would be difficult, as FMV would be around $34K - although there might be some local banks and CUs that would take it on.My intent isn't to find a sucker and dump the property onto them.