All Forum Posts by: Kasey Newbold

Thanks again for the insights and advice everyone. As I noted earlier I missed out on this house with the wholesaler but I now have a better idea for the next time. The next day the bank finally responded and accepted my offer on a foreclosure that I had placed a couple of weeks ago so here we go again!

Thanks Todd! Good advice about escrow!

He finally got back to me that someone else has a purchase agreement on it sight unseen...I'm bummed but I'll be patient for the right deal.

Thanks for the great info Ross! This will be my second flip, I purchased the first through a regular listing last year. This potential deal is in my neighborhood so I know it well and my realtor is crunching numbers for me today as well. Having not worked with a wholesaler before it's good to know that what he's asking isn't too far off base and helps set my expectations appropriately moving forward whether this deal works or not. Now if I could just get him to return my calls so we could try to put something together.... :).

And my realtor is pretty cool about helping me (if needed) to get the purchase done even without her because she knows she'll get the sale in a few months.

I'm a bit surprised that I'm having a hard time getting sellers to respond to my offers the last couple of weeks. I have an offer on the table for a foreclosure that the bank is just taking in offers (for 9 days so far) and giving no indication when they will make a decision. I asked a couple questions about making an offer on another owned by an investment group 5 days ago and haven't gotten a response, and now I can't seem to get the wholesaler that sent me this deal to return my calls (and I'm not lowballing, I've been offering at or above asking price with no contingencies, all cash)...It's weird but the right deal will work out at some point.

Thanks again for the helpful info!

This could be my first purchase from a wholesaler. His asking price and his ARV both seem good. What I'm wondering is if his expectations are normal since I've not dealt with a wholesaler before. He wants the asking price to be his net, so the buyer (me) is to pay all closing costs and unpaid property taxes for the year (Indiana pays taxes in arrears). He wants a no contingency contract, purchase in cash, as is, and a $2500 non-refundable deposit along with the purchase contract.

Is this normal? If we don't use a realtor it still adds at least $3000 to the asking price...

If I get it, I'm also considering using a delayed financing option to then free up my cash again to do the necessary rehab work.

Any insights for me? Thanks in advance!