Does this really happen? or its just a fairy tale?

Question

http://www.creonline.com/wholesaling-real-estate-step-by-step.html

A $100k house and seller would take $55k for it? I would assume if it worth $100k, and the owner asks $80k, people probably already lined up at the door to present offer.

Does this really happen? Anywhere in the country?

Account Closed · Answer

right place right time it can happen. I've had people give away lots of land for pennies on the dollar because of a family crisis, death, divorce etc.

Kevin L. · Answer

Thanks, I guess it could happen, probably very regional though.

Steve Perkins · Answer

Disclaimer:  I'm not a wholesaler.  Never have done it.  BUT... you never know what a motivated seller will do.  Without having read the link, my guess is that the house was worth $100,000 if it's in good condition.  Typically, motivated sellers' houses are not in good condition and they don't want to or can't spend money to get it into good condition.

Also, many sellers are motivated because they NEED to get out and get out fast.  So, they are willing to take much less to 1) avoid fixing it up,  2) get out fast, and/or 3) make their lives easier.

So, yeah.  I can see that it would happen.  Probably won't happen in your typical situation where the family is putting the house on the market in order to upsize/downsize or relocate where they have the luxury of time.