I found a house on realtor.com and want to talk with the agent. Do I ask the agent to speak with the owner? and if I want to find out if the property has liens or backed up on taxes, will the agent know? do I ask them to check? just not sure what to ask lol but i'm going to figure it out! Just need a little guidance as a novice wholesaler, thank you for your time.
Real Estate Professional · West Palm Beach, FL · Member since 2012 · 23k+ posts · 13k+ votes
7y
Geeze.......
The property will be sold with clear title, it doesn’t matter what taxes are owed or what liens/mtg.s...no need to go to a title co. now.
You won’t be talking to the owner
You will be using the state realtor contracts that the agent uses
The agent, and the owner, has No interest in letting someone tie the property up with a contract who dosn’t have the ability or the intent to buy, and simply hoping to flip the property to someone who Can buy, at a higher price. You’ll need to show Proof of your ability to buy, and an EM deposit, before they will look at a purchase contract.
For wholesaling, you need to find off market, desperate and/or ignorant sellers. Don’t ask me how......
Lender · Thornton, PA · Member since 2014 · 106 posts · 56 votes
7y
You can ask the agent any of those questions and if the have the answers they should provide them to you. If the owner hired an agent, all questions should go through the agent. As far as back taxes and liens against the property, if you are working with a reputable title company, they can perform a search of the property and confirm if there are outstanding taxes/liens against the property.
Real Estate Agent · Cupertino, CA · Member since 2016 · 4k+ posts · 1k+ votes
7y
The title company will make sure it is free of liens and encumbrances. So the question is I have been prequalified and can do $$ % down payment and <21 days closing. Can I get it for $ ###,###?
You can ask the agent any of those questions and if the have the answers they should provide them to you. If the owner hired an agent, all questions should go through the agent. As far as back taxes and liens against the property, if you are working with a reputable title company, they can perform a search of the property and confirm if there are outstanding taxes/liens against the property.
Thank you Kevin, I will ask these questions and have a title company check it out and should I have a inspection on the house before or after I go to the title company?
The title company will make sure it is free of liens and encumbrances. So the question is I have been prequalified and can do $$ % down payment and <21 days closing. Can I get it for $ ###,###?
Alright Sam, thank you! But I'm trying to put it under contact which I also need, will the title company have one of those purchase sale agreement?
Lender · Thornton, PA · Member since 2014 · 106 posts · 56 votes
7y
If you have a licensed contractor-friend ask them to go with you on your first walk through, they are a valuable asset on your team as well. They should be able to to point out any trouble areas in the properties you are looking at. As to contacting the title company, I wait until I have the property under contract and then enlist their services. If there are liens, back taxes, etc... the title company will identify what the issues are and these issues can be USUALLY be satisfied by the proceeds from the sale of the property if there is enough cash to cover everything.
Real Estate Professional · West Palm Beach, FL · Member since 2012 · 23k+ posts · 13k+ votes
7y
Geeze.......
The property will be sold with clear title, it doesn’t matter what taxes are owed or what liens/mtg.s...no need to go to a title co. now.
You won’t be talking to the owner
You will be using the state realtor contracts that the agent uses
The agent, and the owner, has No interest in letting someone tie the property up with a contract who dosn’t have the ability or the intent to buy, and simply hoping to flip the property to someone who Can buy, at a higher price. You’ll need to show Proof of your ability to buy, and an EM deposit, before they will look at a purchase contract.
For wholesaling, you need to find off market, desperate and/or ignorant sellers. Don’t ask me how......
Lender · Thornton, PA · Member since 2014 · 106 posts · 56 votes
7y
That depends on if you are using a real estate agent who is investor friendly. If yes, then they should know what documents are required for what you are trying to accomplish. If no, then competent legal advice is called for.