Wholesale Deal with a Real Estate Agent
Hi Everyone! I'm new to wholesaling ( haven't done a deal yet) and I'm seeking advice on how to deal with this scenario. A real estate agent contacted me about a pre-foreclosure property where I had placed a yellow letter in the door. She seems to be familiar with dealing with cash buyers and possibly wholesalers. The property was just listed with her the day before she called me. She's asking for $55,000. It a 3/1 and 840 sq. ft. I looked at the property outside and neighbors came out and talked to me and told me the story behind the house and the owner and suggested that the house was only worth $10,000 which made me laugh because the realtor was getting offer from investors for $15,000. She also has another property, which is in perfect move-in condition, for $139,000. It is also a pre-foreclosure. She wants to do business but I'm not sure how to do the math on the properties because she must also receive her 6% commission. Does her price include her commission? Also, should I assume that the realtor has already done the comps on the house? What other questions should I be asking her? Just not sure how to navigate this route and would appreciate any and all advice from you experts. Thanks!