Wholesale Deal in VA Beach
I just put a contract on a 4/2.5 2200sqft home. It also has a separate lot that is almost a full acre - zoned for single family res. or multi-family res. I'm debating how to market this because, I could possibly sell the home to an end buyer for what I have it under contract for and then sell the land separately.
First question: my contract is for both the land and the house, can I sell just the house using transactional funding?
Second question: land values varrie dramatically throughout VA Beach, nothing has sold recently near this lot, so I'm wondering is there a formula for determining market value i.e. I think I read somewhere that most builders will pay approx. 30% the value of the new home.
Any thoughts or advice would be greatly appreciated.
Thanks.
Carita