Inspection Period

5 Replies

Will I need to inspect the property or just make sure the end buyer does his inspection within the inspection period?

The inspection is all up to the buyer. If they don't do it that is their decision. You only have to honor during that time period.

@Elizabeth Colegrove so after the contract is prepared to be assigned, will I have to have the seller put a lock box on the property so I can allow the end buyer to perform his due diligence?

Your contract with the seller should say you have the right to access the property, or at least the right to inspections.  The exact logistics will depend on the specific situation. Most properties I wholesale are vacant so it is not a problem.  

Edward,

You asked if you need to inspect the property or just the end buyer needs to do the inspection?  As has been pointed out, you don't have to do the inspection, however I would suggest you do (as long as it is practical to make the visit).  The reason I suggest this is because people from your buyer's list will want to know as much as they can about the property before investing their time to go inspect it themselves.  You will be a better, more valuable wholesaler IF you provide accurate AND complete information to potential buyers.  IF you can't provide details about the property, you may lose out on potential buyers that would have otherwise been interested in buying it.  One other suggestion I always make to newer wholesalers.....whatever you do, do NOT exaggerate or be overly optimistic with your ARVs.  If you do that more than once, many of the serious cash buyers will no longer trust your numbers and they will be reluctant to seriously consider your properties in the future.  I have seen this happen many times, which is why I think it is worth mentioning.  Good luck!!

BTW, the seller should not have to put a lockbox on, that should be your responsibility as the wholesaler.  

Mark

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