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Ernad D.
  • Investor
  • Loves Park, IL
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53
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Buying from a wholesaler - feedback needed

Ernad D.
  • Investor
  • Loves Park, IL
Posted Jun 29 2015, 07:30

Hi BP community,

A wholesaler is selling a property in a good area that I am interested in, but have never bought from a wholesaler before.  Here is the info from the wholesaler:

EST ARV $95,000
EST REPAIRS $9,000
EST MARKET RENT $1,250
EST RENT REPAIRS $3,000
PRICE $41,000

CASH OR HARD MONEY ONLY
BUYER PAYS ALL CLOSING COSTS
PROPERTY TO BE SOLD AS-IS
CLOSE DATE: JUL 2

PLEASE DO YOUR OWN DUE DILIGENCE BEFORE SIGNING CONTRACT

DETAILS
3 BR / 2.5 BA / LARGE ATTACHED GARAGE
RANCH STYLE
LIVING SF - 1421
LARGE LOT - 1/2 ACRE
BRICK

ROOF, HVAC AND FOUNDATION APPEAR TO BE IN GOOD CONDITION.

REPAIR ESTIMATES
KITCHEN FLOORING, UPDATE BATHROOMS, PAINT, MISC
TOTAL FULL ESTIMATE: $9,000

DO YOUR OWN DUE DILIGENCE BEFORE SIGNING CONTRACT

-------------------------------------

Records show that this property was bought at an auction for $32,117 last month. Also, this home currently shows sale pending at $64,500, however, I assume that deal fell through for some reason.  

What information do I need?  Is the July 2 close date set in stone?  Do I need to get my realtor involved?

I look forward to your feedback

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