MultiMillion Dollar Deal in Washington DC...sold before holidays?

Question

I have a question, I know of a property that is being put on the market in NW DC after christmas and New Years...the seller is desperate though and hinted that if I could obtain a BUYER that is willing to move forward prior to the start of the listing, then they would go with me. Is it likely that this is a worthwhile wholesale deal? Or should I move on to another opportunity with a grander time frame?

Shadonna N. · Answer

It's DC. Put it under contract and wholesale it. You will get interest but no deal signed, sealed, and delivered by year end.

Terry Beall · Answer

I couldn't give too much help for you on this topic, I need more info. But if it is such a great deal, I would think it would have been at least put under contract by now, just saying!

Is he willing to do "owner financing"? to move this deal? I still need more info.

With what I know, I would pass, I could not get this deal completed prior to the holidays.

There is always another deal around the corner that might suit your criteria.

Russell Brazil · Answer

There is not nearly enough information here to give you correct advise. However I will give you some quick information.

If it is truly a multimillion dollar you are not going to be able to find a buyer that quickly. Even in our hot market, properties at that price point take months to move. There is simply a much smaller pool of buyers for the property....and many of them are located in nontraditional means. If it is residential, a buyer for this properties may come from one of the luxury real estate magazines...That is usually $3-$5k. If it is commercial, then you are going to need to be in the commercial brokers network, as these guys have extensive buyers lists.

I think this is likely a waste of time for you to find a buyer in a short time frame for this.

Joel Owens · Answer

Not enough info. If it's a deal why is the seller desperate??

Unless a buyer is paying all cash and waiving a bunch of due diligence to close quickly it is not happening before the New Year.

Lenders have already committed to close files for loans in process before years end. As we sit today with Christmas and New Years Eve you will be losing about 7 to 10 days out of the month for production.

You might could get it under contract before years end it it's a great deal. If the seller says motivated but their evaluation is way off then they are nothing but unrealistic hot air.

MultiMillion Dollar Deal in Washington DC...sold before holidays?

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