It seems like a win win situation, they don't loose their credit, you get a property for cheap, you can give them some extra money that you didn't pay for the home as some incentive, and they won't tear the crap out of the house like most people do when their home is foreclosed on.What are the risks involved?

and with 100% of a deal financed, that could leave the borrower in a pricarious situation, especially if that person doesn't know what they're doing.a question like the one you asked would indicate that you're new to rei.

I was wondering what everyone thought about the situation.

I am in very bad situation, lawyers sold me short, after consuming close to $50,000 in fees, and I am afraid of any paid consultation like of fire .Surely I would have many questions, what to do after getting the loan, but this is the subject for another post.Big, big thanks in advance.

In both situations the Seller is covering the cost of both the “listing agent” and the “buyer’s agent” brokerage fees.

I missed your post or I would have answered sooner.In the situation you described where you would wholesale a property from a wholesaler, the procedure would depend on if it was before closing or not.If it was before closing and I was double closing, the person I was double closing to could use an assignment of contract to assign the property to someone else (the original contract is not altered).If it was before closing and I was assigning the contract, the person I assigned it to could double close the property to someone else.Now I am avoiding the idea of a double assignment (the person I assigned it to assigns it to someone else) only because I have never done one and have never consulted an attorney or title company to find out if that's possible.

Just some comments to flipper 101 as to that land contract transaction that went south.Well it does not surprise me since anybody can bind the other and to split the legal title with the seller and equitable title going to the vendee or buyer can lead to diasterous results on the title on the property if the buyer claims an equitable interest which he has..and getting a tenant out if he defaults can proves to be a nightmare and how he binded you by encumbering the property is unbelievable.If you suggest using an outside entity such as a trustee why not just use a land trust and get all the benefits of using that enitity and thus by the trustee holding bot the legal and equitable title called the doctrine of equitable conversion now you have a situation where not other party can take advantage of one another and you would all vote to your designated trustee on any and all affairs of the trust property due to it being a beneficiary directed trust so you must ALL be in agreement, sure avoids litigation and disputes and no one can circumvent you on your investment.I know that feeling of getting burned which is why I use land trusts in my investing since all parties are equally protected in any given transaction.We all made our mistakes in this business..that is for sure..

My situation is that I own one 15 unit apartment.

There are too many factors that go into why one property is higher than the next, and it isn't always a reflection of what the property is actually worth.In your situation, I would look at the different properties in the neighborhood to see what their tax values are for comparison sake, but that's about it.

But instead of destroying my business, by overcoming and working through those extremely challenging and financially risky situations, my business was catapulted to a whole new level in a relatively short amount of time.