Asking Price on on Market Properties?

Question

Hello everyone,

I recently have come across two properties that are on market. I ran the numbers and both properties meet the 70% guideline for wholesaling. Both properties have seen a fair amount of attention. I have been hesitant because I feel like I am missing something that makes this, what I think to be a deal, not a deal. Does anyone have any advice on maybe what else to look for to make sure I am actually getting a deal under contract that is a deal I can market to investors? I am in Maine btw, if that helps in anyway.

Thank you for your time,

Russell Phillips

Michael Dumler · Answer

@Russell William Phillips, good luck trying to wholesale on-market properties, this strategy is usually ill-advised. The seller/agent most likely intentionally listed the properites below the market to draw traction, as you've mentioned. If the properties have already received several offers then I'd recommend moving on to the next deal, preferably one that is off-market. As you've noted, the 70% rule is merely a guideline, what constitutes a deal or not is entirely dependent on the end buyer's criteria and goals. Hope this makes sense and helps!

Eliott Elias · Answer

Make sure your rehab numbers are good. If you have a good deal on your hands stop spending time trying to find all the cons and figure out how you're going to put in under contract

Russell William Phillips · Answer

Portland/South Portland Maine. The comps are good. I guess it just seems like a red flag that they havent been scooped up yet. Although they have since been put under contract. It was just longer than I expected.As for the legality, I do have disclosures in the contract expressly covering assignments and profiting off the sale of the home.

Ed Emmons · Answer

Depends where in Maine they are located.

Garret Getch · Answer

I agree with Michael about wholesale on-Market properties, especially since there is a listing agent involved.  You basically are trying to practice real estate without a license in front of a person who has a license, if I am understanding your situation correctly.  That being said, as a realtor here in Maine, I may be able to assist you in what you are trying to do.

Asking Price on on Market Properties?

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