House under contract for $1

11 Replies

I have a house under contract for a $1 and am selling t to the buyer who bought the last one for 14k. The 2 condos are connected. Townhouses really. I offer 4k and she turned it down. Said I take it for a dollar and I pay closing and the back taxes. 

Now the title company says its unethical in that I'm getting it for $1 and selling for 14k. It even says in the contract that I'm making a profit. How can she sure them because I sold a house she sold to me? Any way now I need another title company in Atlanta that will do this. I'm tempted to buy it for $1 and sell it with another title company. 

I don't think it's unethical... Because how much were the back taxes? I assume more than 4000 dollars since she turned down your 4k offer. So you are really paying a lot more than 1 dollar for the home in order to get clear title. Since you have to pay all delinquent taxes.... Many people offer me house for a dollar with 10k in back taxes, and we just have judge if the property is worth more than all the back taxes. Good deal, hope it works out for you. I would find a different title co. Brett.

Medium final logo copyBrett Snodgrass, Simple Wholesaling | [email protected] | 8122168602 | http://www.simplewholesaling.com | Podcast Guest on Show #231

now. They're only $300. There was no argument. Just a how much do you want for it. She was laughable by about what the deposit would be. 50 cents?

Could you just double close on it?  I hate double closing unless I have to. I'd either do that or find another title company. 

congrats @Mike Watkins

either find another title company that will do the closing as a wholesale  or just take title by closing yourself  and then reselling to the end buyer 
good luck

Can you all please reread your comments and then repost with some attention to proper grammar? So @Mike Watkins can we get an update? Did you find a new title company?

I completely agree with Mark find another title company.  Great deal by the way...

Originally posted by @Mark Brogan :

congrats @Mike Watkins

either find another title company that will do the closing as a wholesale  or just take title by closing yourself  and then reselling to the end buyer 
good luck

My fear is that I'll do this and the other title company won't sell it to the end buyer. Then in stuck with a house. 

@Mike Watkins

If you Have an end buyer lined up just take title to house and resell 

Lots of people look at wholesaling unfavorable 

Just when I think I understand wholesaling I read a thread like this.

If I am reading this correctly you can just buy this property for $1 plus $300 in back taxes and closing costs?

Why not just buy the property outright and just sell it to an end buyer in a separate transaction?

Am I missing something?

Medium rzt hc 6483Michael Noto, SalCal Real Estate Connections | [email protected] | 860‑384‑7570 | https://www.zillow.com/profile/Mike-Noto/ | CT Agent # RES.0799665