All Forum Posts by: Joe Norman

You should ask your Realtor about this - do they know you intend to wholesale the deal? The standard Maryland Realtors Contract of Sale Agreement is explicitly not-assignable so you'll need to ask your Realtor about the assignability of the "realtors purchase agreement" in your state.

Another thing to keep in mind is that until you sign a Buyer Representation Agreement with an agent, they are NOT your Buyer's Agent and do NOT have to look out for your best interest. If you do want representation then interview a few agents, select one to work with exclusively, and then sign a Buyer Representation Agreement.

It sounds like, at minimum, your agent needs to market this listing more broadly. In addition to @Alexander Szikla's suggestions it should also be on the local MLS as well. Many Property Managers won't do this because it means they have to disclose a co-op commission to prospective tenant agents but its absolutely what they should be doing since its in their client's (your) best interest.

It sounds like there is way too much that could go wrong here. I would suggest either selling your renovation services to the seller, or buying the house from him As-Is.

Also, as Corby mentioned, a $15k budget is minuscule - you should get a second opinion.

Since this was formally your primary residence I would 100% sell it while still within the IRS's "2-in-5" rule in order to avoid capital gains taxes.

It sounds like the OP was working directly with the Listing Agent. In addition to some of the other useful suggestions posted above, I would also add that inexperienced buyers should always be represented by a Buyer's Agent. I suspect that a lot of these issues could have been avoided if a professional was involved who was there to protect the buyer's internet.

Since this was formerly your Primary Residence, I would strongly consider selling it within the "The 2-in-5-Year Rule" it so that your transaction is free from capital gains tax. 

It depends - some will and some won't. Call around to local banks in your area (local banks are more likely to make these types of loans then national banks) and ask.

Or hire a lawyer who is familiar with the variance process in Baltimore County. I did a few years ago and it made getting my 2-unit variance a breeze. Good luck!

We did a LOT of research before deciding on RentVine as a flexible, powerful, and affordable solution. My biggest complaint is that their user documentation isn't very robust yet, but someone from the company has always been quick to answer my questions and willing to hop on Zoom calls to walk me through the software.