WHOLESALE DEAL, inspection period?

Question

I’m a new realtor and I’m working with a wholesaler, he’s looking to purchase a home cash. I haven’t talked to him yet but want to be prepared when the conversation comes up. In the wholesale world, what would the inspection period look like if there’s a 7-10 day close (sold as is) if there is any? Also, who normally covers closing costs and is there any other “normals” or basics to know about when writing an offer for a wholesale purchase? Any and all advice is much appreciated, thank guys!

Wayne Brooks · Answer

If he is a wholesaler....that tells you he is Not actually buying it. He’s looking to tie it up and shop it around. Ask for a Legit POF, in His name.

Anthony Dadlani · Answer

@Cory Zimmerman

No sometimes the seller can be very motivated even though the property is on MLS. The seller may not be getting cash offers and only offer is where there is a mortgage contingency or the buyer needs to get a mortgage. They may be willing to take a cash offer for a 5 to 7 day close at a much lower price where it makes sense.￼￼

Best Regards,

Cory Zimmerman · Answer

@Anthony Dadlani thanks anthony! Does the fact that the property is on the MLS change anything?

Anthony Dadlani · Answer

@Cory Zimmerman

Most wholesalers will send in a contractor and/or agent to get estimates and a CMA.  They need both data points to offer their buyers (fix and flippers ). Usually all that can be done in the 5-7 days closing period. When we partner with wholesalers to purchase homes we also typically ask for that time frame..

Best of luck in all your endeavors.

WHOLESALE DEAL, inspection period?

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