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Updated over 6 years ago on . Most recent reply

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8
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3
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Crystal W.
  • Houston, TX
3
Votes |
8
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Structure an offer to a Wholesaler (I am the Investor)

Crystal W.
  • Houston, TX
Posted

The place for the best advice (I hope).  

I came across what appears to be a fairly good property, but I am not sure about the repair costs as the Wholesaler said he does not live in town and thus cannot do a site walk without an offer.  I have never made an offer on a wholesale deal before.  Should I expect to get an option period for a few days for inspections and/or a home tour?  I am not going to make an offer with-OUT an out clause if I have not checked the home myself.  Or I could make it for what I believe is lot value, in which case, who cares what the repairs are (other than the fact I plan to do basic repairs for rental usage until the property appreciates for new build).  

I am also struggling with valuation as it is a bit of a unique property.  Double lot, with two houses (but only one address, not sure if I will have time to identify whether or not it can be subdivided, but based on my knowledge of the area, 90% sure it can), so not many true comps.  

Anyway, primarily want advice on what kind of contract/offer to make, contingencies, etc.  And would the expectation be for us to be in escrow before I can even see the home?  If so, what would you expect escrow percent to be?  (price will be $120-180k).


Thanks in advance for the advice!

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