Real Estate Wholesaling Questions & Answers

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Carolyn Harris
  • Laurens, SC
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Seller Financing Wholesale - Feedback Needed

Carolyn Harris
  • Laurens, SC
Posted Jul 12 2019, 10:33

Current Situation

I have an elderly woman who is motivated to sell her property that she inherited from her father who recently passed. The property only needs 10K in repairs as it is in very good shape - only bathroom needs to be remodeled and living room ceiling patching. The asking price is $50K with an ARV of $80K. I currently have it under contract but struggling to find a buyer as comps are pretty difficult to come by based on the market. I am looking to recommend the seller financing option to the seller as we have built great rapport. I've also come by potential buyers interested in financing this as well but it's my first deal so wasn't sure I wanted to use a creative strategy but now I am. Would I need to get the seller to agree to restructure the contract with the or can I keep it the as is and focus on the contract with buyer ? How exactly would my assignment fee work? Would I get paid off of the down payment agreement with the buyer? Apologies for all the questions, but wanted to ensure I am clear on what I have researched before reaching back out to the seller as I do think she would be willing. Her motivation is to move away and enjoy her beach house 4 hours from the property.

Any assistance would very much appreciated. Thank you! 

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