I'm a newbie starting out as a wholesaler. I'm searching through "For Sale by Owner" properties and a lot of these sound like the home is being advertised by someone other than the owner. My question is for other wholesalers....how do you know or what is a good way to find out if the home is under contract already? Are there specific questions I should ask or just be blunt about it?
Even if you're blunt about it some will just lie and say they are the owner.
In your area you should be able to look up the address on tax records and just see if the person you're talking to is the owner or not.
I've never tried getting deals like that off of CL.
You could try searching for things like TLC, As-is, rehab, etc. Try that in Zillow as well. Add some parameters and search for TLC, Handyman, Special Sale, Etc.
I am new to this also, but I am asking these questions to my sellers:
Is this your property?
If so, whats the story behind the house, why are you selling it?
I ask these 2 questions just to see if there is more negotiating power. If their drive to sell it is they need money for a certain reason, then there is more bargaining power.
In the end though, it shouldn't matter, they can tell the truth or lie, thats up to them, you will see it when you put it under contract anyway I think.
Bottom line is, If the price is right, and the figures add up to you, it should not really matter. As long as there is still money left in it for you to make money, then thats a good deal.