Questions for Distressed Properties

5 Replies

Are you looking for deals to wholesale or purchase for yourself? If you're looking for deals to wholesale you'll probably be out of luck (at least around here all the "deals" on CL are wholesalers trying to dump properties they have under contract). If you're looking for something for yourself you'll want to ask about the condition of the major stuff: roof & mechanicals (furnace/ac/water heater), and if there are any obvious repairs needed. Maybe when it was last updated. If there's a basement definitely ask if there's been any water issues. Also ask them why they're wanting to sell to see if you can get to their motivation. Hope that helps!

@Derrick Strope  , that's actually very much open to interpretation on a state-by-state basis. Some places insist that you have actual title to the property before it can be marketed...others are fine if you only have equitable interest. Places like Ohio and, I think, Oregon are more restrictive so wholesaling is much more difficult in those places. Other places it's not really bothered with. But that's not saying it won't be in the future. I think it depends heavily on the amount of wholesaling going on and how much it encroaches on the business of licensed agents (and how many "shady operators" there are).

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