I got my first response from someone who wants to sell their house, but I don’t think it’s a good wholesale opportunity. The “Zestimate” for the house is $437k. The owner doesn’t want me to see the house until I give him an offer but he swears it’s in perfect condition (hardwood floors, granite countertops, etc). It currently has renter inside that pay $2200 per month. He lives in another state and owns the house outright and just wants to get rid of it. It’s about 30 minutes away from downtown Nashville, but it’s in a very sought after area of Nashville. What would you offer them for wholesale? What would you do?
So I'd consult with a real estate agent or do some market research on your own for comparable sales in that area but don't use the zestimate as the true value indicator. Also you are in a business to minimize risk for yourself and completing due diligence is very important. I believe you may be able to write an offer or letter of intent without any liability or losing earnest money but you should definitely work with a lawyer and real estate agent to protect yourself if you try to pursue a property you can't even get into before submitting an offer.
@Elizabeth Beard I would do as much research as you can on the property. I would definitely not rely on the zestimate. You need to get comps of other similar properties to get true value of the property. If you do not have access to the MLS than you need an agent to be able to pull that info for you. I would look at google earth and drive by the property. Look at tax records and public information. I would even knock on the door and see if the renters can confirm what the seller is saying about the condition of the property.
It’s my boyfriend’s grandmother’s house. Already confirmed the price they’re willing to let it go for which is significantly under market value. Just need to find a buyer.