BiggerPockets

Always assign the contract if you can. I am not an expert in wholesaling yet, but I know about it enough as well as double closing. Unless you have money built up already, to do a double closing, you will need your own funds, or a trans funder, which depending on who that is, the fees can be reasonable, or they can be high.

Also keep in mind, that an investor will do their own due diligence, and they will look at the price they are getting it for, how much they are putting into the house, and how much they can sell it for. You might offer it at $112,450 but since you have a $85,000+ difference of what you are paying for it (in a sense) and what you will be selling it for, I would offer it at your price, but do OBO as well.

Let us know how it goes for you.

I am interested in marketing to probate leads. Can you (or someone) explain the reason given for 'needing to be sold before going into probate?' I thought this is not something you can avoid by selling before probate starts. But I am not well educated on the subject, appreciate any input.

The property is worth now 79,000.00. After repairs to bring the property to Market Value it will be work $173,000.00. I just recently had (3) Estimated Cost Repairs done on this property.

Thank you Jon...I will let you know how everything went! Thank you again...

wow what a deal .. 27k the seller is willing to sell, for a house with an ARV of 173k? I'd sell the contract for 100k, and than double close it, get a NICE pay check. I read u always wanna double close anything over 30k and not do assignment fee's so that the investor you are working with doesn't decide to "re-negotiate". Best of luck, make that money!

This is true if you have the funds to fund the A to B side, but if not, why bring in a trans funder and have to pay all their fees when you don't have to.

Again, I am no expert in wholesales, but I am no virgin in real estate either, and by saying that, investors do not care what you make on the deal, just what they make, and as long as anything fits their profit criteria, they are interested.

I would never scammed anyone. I am a newbie in this type of area and have questioned everyone and everybody before I took on the contract. The property has been emptied for two years with no one attending to the property. The owner has appointed family members who live in another state as Power of Attorney to handle this sale. They do not have the means to keep the property nor do they want the property. Their options were to try and sell it in its condition or let it go into probate. The offer of $30,000.00 did not offend the seller(s) in anyway considering properties in the area has been purchased by other investors for far less and sold. They just want to do away with the property.

I am sorry, I wasn't trying to sound defensive at all:-).

I am in Maryland. Some of the properties in the area where this property is located, you can get for $31,000.000 to 51,000.00, I haven't seen any sold for more than $55,000. I do not know the conditions of the other properties in the area. Many were foreclosed homes and have sold in the range of $160,000.00 - $175,000.00.

I am a Loss Mitigator and I deal with Real Estate Short Sale Transactions and Modifications all day. One of my agents presented this deal to me. Before I took it, I did some homework, asked alot of questions, contacted others who are in the business to get some feedback. Made an offer to the Realtor's client and they accepted. I did submit along with the offer a copy of the Cost of Estimated report I had done by a professional licensed contractor and the realtor sent the comps to show as well to the seller(s) to show what the properties are actually selling for in that area. I didn't mean to sound defensive...this is my first time doing a wholesale deal....and I am still learning this process.

I will let you know who this turned out...

Thanks for the response...again, I apologize, I did not want to come off defensive.

If your a Loss Mitigator, then why not get into REO deals as well? All you have to worry about (which is actually easy) is to find cash buyers for them, like in wholesale properties, submit some addresses to them, they will actually do their own DD, and then make offers on the properties available.

Again, for all I know, you are already, but thought I mention it, since you stated you are a Loss Mitigator.

This response is to Chris Guthrie, is was presented to me by a Realtor I do business with.