New to Real Estate · Paducah, KY · Member since 2019 · 13 posts · 7 votes
I currently have a deal under contract for 72k. I’m trying to wholesale it for 90k, but the owner of the property owes 1,750 in taxes for the year 2018. If everything is played out well and find a buyer this would be my first wholesale deal. My question is, should I take the contract to escrow without a buyer? Or wait until I find a buyer then take both the contract and assignment contract to the title company I plan to use? Also, what if I don’t find a buyer?
@Raul De La Paz There is absolutely nothing more important than keeping your word in business, and life for that matter. But What's done is done at this point. Just bust butt and get out there and find a buyer. Type in Google I need to sell my house fast and call absolutely every number you see. If you sell it for 72k, so be it, you will have held up your end of the deal and you will have gained tons of experience in the process. I respect how you kept your cool w John and continued responding, but ain't nothing worse than a shister. You get a bad name, it's game over, as it should be. I wish you the best of luck.
Wholesaling isn’t scamming.... it’s just another way to provide value to people that are in need to sell their house quickly. Also, it’s a great way for investors to find off market deals. You must be a real estate agent or a broker that despises wholesaling...
Wholesaling isn’t scamming.... it’s just another way to provide value to people that are in need to sell their house quickly. Also, it’s a great way for investors to find off market deals. You must be a real estate agent or a broker that despises wholesaling...
I don't like crooks LOL. WHAT "value" are you bringing to this seller?
He knows I’m wholesaling it? The owner of the property needs to get rid of it because he doesn’t have the money to fix up his own property. The property is in really bad shape so if help him get a quick sell..he can get out of a house that costing him instead of making him money. A new investor can come in, put money into the property, and resell it for a profit. This would be a great home for a new family to live in after it’s fixed up. It’s a win win for all parties.
He knows I’m wholesaling it? The owner of the property needs to get rid of it because he doesn’t have the money to fix up his own property. The property is in really bad shape so if help him get a quick sell..he can get out of a house that costing him instead of making him money. A new investor can come in, put money into the property, and resell it for a profit. This would be a great home for a new family to live in after it’s fixed up. It’s a win win for all parties.
Where is the "value" if you back out? Where is the value using weasel clauses? It sounds like you deceived the seller. This is the typical M/O of FRAUDS AND SCAMMERS. How does he "win" if you back out?
The value comes from connecting the buyer and the investor. Chances are if I didn’t find this off market property he would of been foreclosed and would of ruined his credit. Which, everybody knows there’s nothing more important than your credit score when you’re borrowing money from the bank. So, the seller loses it to the bank/city or gets out of it. I see value in that.
The value comes from connecting the buyer and the investor. Chances are if I didn’t find this off market property he would of been foreclosed and would of ruined his credit. Which, everybody knows there’s nothing more important than your credit score when you’re borrowing money from the bank. So, the seller loses it to the bank/city or gets out of it. I see value in that.
and if you back out using weasel clauses? NO VALUE THERE. He would be MUCH better off dealing with an HONEST agent. They are held to standards....unlike unlicensed broker FRAUDS AND SCAMMERS.
Roul Ive never wholesaled a property before but I believe you should have already had someone lined up to purchase the property ahead of getting into a contract. I believe that's what John was trying to hint around with while he was chewing your a$$ off. That being said he does have a point and im not a lawyer by any means so I cant give you any info on the contract legalities. My suggestion is to form a buyers list ahead of time that you have contacted and know thoroughly what they look for and the numbers that they need. Then once you have a network built you can look and target specific properties that you know one of your contacts will purchase from you. Hope everything works out with you and the seller.
@Raul De La Paz ask the title company. My company slows me to take the 1st contract with $100 escrow and not do any title work until I bring in assignment title. This does slow down the process, but for a first timer it’s a good hedge to not spend money on title work that might not go through.
@Raul De La Paz There is absolutely nothing more important than keeping your word in business, and life for that matter. But What's done is done at this point. Just bust butt and get out there and find a buyer. Type in Google I need to sell my house fast and call absolutely every number you see. If you sell it for 72k, so be it, you will have held up your end of the deal and you will have gained tons of experience in the process. I respect how you kept your cool w John and continued responding, but ain't nothing worse than a shister. You get a bad name, it's game over, as it should be. I wish you the best of luck.
@Raul De La Paz, yes as John and others have mentioned the legitimate way of wholesaling is build a strong list of buyers and then go find the property as per their criteria. Now that you already have the property under contract just advertise it on Craigslist of course with seller’s permission and see if you can find a buyer. Be Honest and upfront with your seller. Good Luck!