All Forum Posts by: Zach Schaar

Hey Joe,

Making him an offer for less than what is owed on the property is possible. It's called a short sale. Short sales are often long, drawn out processes where you go back and fourth with the bank over a period of time. They are good, but take alot of time, but if the deal is good enough, give it a shot. A seller would typically agree to this if they are upside down on the mortgage and just want out..(typically).

In my opinion, assuming the loan subject to depends on what kind of loan the owner has in place. Also, if he is behind on his mortgage payments I don't know how well of a decision that would be to make. But that's just me thinking logically, it could work depending on the numbers.

Nevermind my previous post. PropertyShark.com dosen't tell you the information you would need. My bad :)

Agree with @Chris Feltus , get your states standard purchase and sale contract. Can't go wrong there.

The "seller" or inherited owner needs to be executor of the estate. There are different names for this and rules depending on the state you live in. Here in Ohio I know if the inherited person is executor they can sell the property. Your best bet is to find out if the inherited owner knows whether or not he has legal right to sell, and if he dosen't, he would probably consult with his attorney on how to obtain. It's possible if you make an offer he will discuss it with all of his brothers and sisters. I have passed on deals like this in the past unless they are really smokin' opportunities. Because if you have 5 kids dealing with it they can never agree on anything. Just feel it out, if he has a real estate background he probably already knows the question you're asking. So just ask him.

Do you have an auditors site for your county? You could look it up on there and see what the situation is.

@Darrin Carey

Yeah I see what you're saying. The conversation you had with your attorney is kind of what I've heard others claim as well. I mean, the option contract I have states that I have the option of buying or finding an end buyer using an assignment clause. Therefore, I would think that's kind of iffy in the eyes of the commission because essentially signing something like that would be really close to being an unlicensed agent.

So I think I'll stick with my standard purchase and sale contracts. I think that's the best and safest way of going about it.

I appreciate your advice and input. It was very helpful!

Hey everyone,

Just wondering if any of you guys n gals wholesaling are still using option to buy contracts (not lease option) for your wholesale deals, specifically in Columbus, OH.

I know at a certain point in time people moved away from them because the RE Commission was saying that wasn't allowed. Mainly because most wholesale option contracts state your looking for an end buyer, while still giving you equitable interest in the said property.

Anywho, just curious if anyone is still using these, or if most are just using the standard p&s contract with an assignment clause.

Thanks!

Zach

I agree with @Terry Hershberger . You don't NEED a license for wholesaling, but I think you will find very beneficial having your license and how much you'll learn in class! Multiple vehicles is the name of the game! Good luck -

Ok cool! Thanks @Arktavious Sally and @Ned Carey !

Ok I understand. I was just dealing with a similar situation myself and thought I would save posting another thread. And that's what I'm going to have to find out, I understand how to wholesale but I've never went through the process of getting a probate deal under contract. I guess that's where I was coming from. Not really the wholesaling process. I'm assuming there are additional loops to hop through while the house is still in probate.

hey @Ned Carey , so what you're saying is the person whom inherited the house in probate can still sell even if the deceased person is still on the deed? Meaning the house has not been released from probate.

sorry @Ned Carey I know this is an old post! Hopefully you can respond. Thank you!