Newbie with her first house under contract!! Need wisdom!
Hello! I am super excited as after many months of looking for deals, I have a house under contract. I do have a buyers list, but am a bit nervous.
Can you give me any words of encouragement??
How hard is it to find a cash buyer that wants my deal?
If you are a cash buyer, do you prefer a detailed information about the property or just the numbers?
Thanks in advance for your shared wisdom!
Most Popular Reply
Karen Lovelady When you find a Cash Buyer, I advise that you vet them. Ask him/ her, for Proof of Funds (a Bank Statement dated within the past 30 days). If he/ she is using a Hard Money Lender, request a Pre Approval Letter dated within the past 30 days.
Regarding what information you should provide I would suggest the complete Street Address, photos of the interior and exterior, the ARV, Comps, and estimated repairs. Make certain your ARV and Comp numbers ARE ACCURATE! Too many Wholesalers over-inflate the ARV and underestimate the repairs, to make the property appear to be a great deal.
I would also encourage you to do a Double Closing because having a property under contract, with no intent to purchase, and marketing the property is illegal in many states.