I made an offer on a potential wholesale deal for 97k, the seller responded that he would deed the property to me for 25k. What does this mean exactly?
I am looking to wholesale this property. How should I respond to this?
He's got $100k in liens he wants you to take over, and you give him $25k cash.
Have a purchase contract that you put together agreeing to the terms. Ask for 10 day "inspection" period for you to do your due-diligence. During this time- go pay $300 for a title company or attorney to pull title and see why he's so motivated. I'd be it's either as Wayne says regarding a boat load of liens and judgements OR he's not the legit 100% owner and wants to pocket some quick cash. I've seen that in estate situations where there was no will/estate and the seller tries to do a quickie before siblings/grandkids/whoever else in family tree tries to jump in. That really jacks up the title moving forward. If everything is legit- close at $25K like written in the contract.