Last night I went to a REIA meeting and met some wholesalers. I also received an email about a foreclosure for $114,000. Zillo listed it for $353.725 off market. The picture looks like it could be a condo based on the #33 within the address. I plan to ride by there later to day to take a look at the place. I contacted the number in the email and a broker came on the answering machine. I left him my number and said I was interested in the property. I'm thinking that I need to secure a contract on it and flip it to one of the wholesalers I met. Can someone help me with a strategy to make this deal happen? What do I need to do now?
@Lawrence Robertson I could be wrong but a REO is extremely difficult if not impossible to wholesale, unless you actually close on it first. The broker is probably going to want a pre approval letter or proof of funds to go along with your offer. I'm assuming the email came from a wholesaler? My opinion, about the only you can do is to call the wholesaler and ask them if you can pitch this deal to some folks you know for a piece of the pie or a refferal fee. I wouldn't try to act as a cash buyer because the broker will see right through it and that hurts your Rep.
Good luck to you!
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