Hello BP members! This is my first wholesale transaction. I live in Idaho but my seller (residential home) lives in Lakewood, Washington and isn't in a huge hurry to sell and will wait for me to get my 'shtuff' together. :-) I basically need someone to hold my hand and walk me through the process to make sure I have all my t's crossed and my i's dotted. Right now I am looking for a wholesale friendly title company to handle the contract/papers and then searching for an interested buyer. Anyone willing to help a newbie make her first deal? I have a lot to learn and so looking forward to it, thanks so much!
Have you done the numbers on this? What's the ARV, estimated repairs, and how much have you agreed to pay her?
Hi Barry, yes I have. The ARV is $459,000, $5000 in estimated repairs and have not presented and offer just yet. I've been staying in contact going over details and It seems the seller now is waiting for a magic number he has set in his head that he needs. He may want too much, we'll see. This may be a property that since there is not a whole lot of repairs needed, would be better off going through an agent if that is the case. Hopefully not, but that is the vibe I am getting.
He is going through a bankruptcy/divorce and would just like to be done with it all, but also sounds like he may be hoping for more than a buyer can offer?
@LeAnna Gaydeski if the seller is in bankruptcy the judge will need to sign off on any sale. This takes a long time.
This isn’t a deal in multiple ways
Thank you Caleb Heimsoth