Possible First Wholesale Find - Suggestions - Posted by Rich

Posted by Kristy-AZ on April 22, 2003 at 13:25:11:


First if it is lsited with a REaltor, you will have to go thru the REaltor as the Seller has already signed a Listing agreement.

Next, how long has this house been on the market? If it’s been awhile, chances are every other investor has already seen it and probably passed on it for some reason. You will also have to use the Realtors Standard Purchase contract. You will have to see if there is any clause about assigning the contract. I know ours doesn’t have any clause about assigning.

You need to SEE the house. Find out what work needs to be done. Also, do you have buyers lined up already if you purchase this house?

If this is your very first purchase, you need to do more homework and have everything in place. You will want to see a Sellers Disclosure if the seller is a private party and not an REO.


Possible First Wholesale Find - Suggestions - Posted by Rich

Posted by Rich on April 22, 2003 at 13:01:45:

Hello everyone! Well, I have been reading posts and how to articles on this site for some time. I am looking to get into wholesaling to start, but guess I am suffering from some analysis paralysis. Anyway, I was doing routine research on avaliable property, and found a house that I believe provides a great opportunity for a wholesale flip, but I wanted to toss out what data I have to the masses, in hopes of some suggestions, etc.

2 family house, in a good, high demand area of town. House is listed through realtor at $89,900. Comps from the county range from $120,000 to $132,000. County apprasial in 10/02 was for $120,600. Listing states some mechanical work needs to be done, along with some cosmetic work. Property being sold as is.

Should I mess around and send a postcard ad to the owner, who does not live at the residence according to county records, or should I just get on the ball and contact the realator? Do I need to do a title search, etc? Does the property need to be deeded to me (a point I have always been unclear on)? Typically, are relators okay with the ‘assign’ clause in their contracts?

Sorry for the length, but I am excited and nervous about this find! Thanks for any and all input!