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Wholesaling

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Anthony Mancuso
  • Real Estate Investor
  • Rochester, NY
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Showing Buyers Wholesale Property

Anthony Mancuso
  • Real Estate Investor
  • Rochester, NY
Posted Mar 15 2011, 11:15

Newbie here. 2 Part Question.
Spoke with a motivated seller today about a good deal on a SFR rental home. Details below.
3 Beds / 1 Bath
ARV = $35,500
Repairs = Less than $5,000
Currently rented for $650 a month
Agreed upon price is $16,000

Just spoke with the seller on the phone and I initially offered $18K for the property. He countered at $16K if I pay all cash. I already explained to him that I would be but this definitely threw me for a loop. So I told him that sounded good and that I wanted to go over and see the property, take some pictures to show my "money partners", and sign the contract. I also told him I would probably need to bring my partners through the house at a later date. He hesitated and told me he didn't want the tenant to know he is selling so he would only be able to show me the house once and I can't take pictures of the inside. He doesn't want to have her be uneasy and spooked for no reason in case I don't close.

First Question - Should I be skeptical of this deal because of the uncommon lower counter offer and other stipulations?

Second Question - Will a buyer be likely to purchase this property from a newbie like me without being able to see the inside and only being able to go on my word and pics of the outside of the property to make a decision?

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