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Updated almost 10 years ago on . Most recent reply

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Jesse Stanley
  • Investor
  • Norfolk, VA
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Mortage Owed, ARV?, Seller wants certification?.

Jesse Stanley
  • Investor
  • Norfolk, VA
Posted

Hey all, I am still a fresh baby in the wholesaling so I could use some help here: Seller owes about 20k on the mortgage, home is estimated at 102k, Seller is asking 112k. How do I go about that as making an offer exactly, Comps in area around $85K & another for $90k. (others $100k range) My gut offer was $80-90k....

Do I deduct $$$ due to mortage owed? How does that work exactly?
Also Seller says theyd like a bank certifying to them that i HAVE the money for the house because theyve "been stung a few times" and even though I look trustworthy to them it would only make them comfortable....I said it would not be a problem to show them certification. But, would this come from the buyer or?...

Im looking to flip, so how do I go about a clearer ARV if there isnt much needed for repair, Roof is 2 years old, house was built in 85', bought in 05'. Advice much appreciated thanks

Like I said, I am still fresh to this so thanks in advance.

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Brian Gibbons#5 Guru, Book, & Course Reviews Contributor
  • Investor
  • Sherman Oaks, CA
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Brian Gibbons#5 Guru, Book, & Course Reviews Contributor
  • Investor
  • Sherman Oaks, CA
Replied

Wholesaling formula is 70% of after repair value minus repairs minus your fee

You might consider doing a joint venture with the seller

where you buy subject to the existing financing, use private money for the repairs, give them a note for their equity after you subtract real estate commissions and closing costs repairs and your fee of 10,000

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