Which pros does a buyer needed when purchasing a wholesale?

Question

I'm a new investor and am now considering purchasing a deeply discounted property (I'd refer to it as a 'wholesale' property but I'm learning there a different types of 'wholesale' buying/selling scenarios, so I'll just say 'discounted')...

From what I've learned, buyer's agents are rarely involved with assisting in wholesale purchases. So, I gather the only professionals I'll need to assist me are...

• An inspector
• An attorney (for title search and closing - North Carolina is an attorney-closing state).

Does that sound right? I understand that more seasoned investors might not hire an inspector at all, especially if they already have working history w/ the wholeseller...

Thanks in advance!

Noureen A S. · Answer

@Adam Schneider  Thank you!

Adam Schneider · Answer

@Noureen  A S. I think you are going down the right path. I'd add a GC...the H.I. won't provide a scope of work. Also, the H.I., if always dealing with retail....will generate a report that is mainly unnecessary. You really just need to know about the big items (foundation, roof, hvac, plumbing, electrical...that stuff).

Noureen A S. · Answer

Interesting point about title issues...

Yes - I'm learning that buying/selling wholesale properties is a 'dark world', so to speak.

I appreciate the input. Thank you!!!

I'll start searching for attorneys in my area.

Wayne Brooks · Answer

Sounds right, but I’d have the attorney do the title search up front....many of these “bargains” from wholesalers have serious title issues they either don’t know about or hide. Have an attorney review the language of any contract you are signing/being assigned, to look for potential traps.