Non Cash Buyer W/strong Credit Purchase Conventinally From Wholesaler?- Possible?
I am interested in finding a property for use as an owner occupant in certain areas of Gloucester Co., South Jersey. Non cash buyer with strong credit (750+), pre-approvals and commitment letters, 30 day close, conventional financing. My question is, would a wholesaler be likely to consider going this route? If so, what might be some of the scenarios? How would I proceed in finding available properties through wholesalers? Any and all responses appreciated.
Thanks in advance -Clueless in South Jersey.
If you can actually find a "wholesaling" company - most of them offer financing on the homes they sell. Many of them make a lot of their money from the financing side of their biz. Good luck.
Mickey,
Depends on your market; could you sell the house for close to the appraised price within a few months? Do you have the downpayment money and holding cost money to do so? If so; just right up a regular purchase offer based on conventional financing; close on it as quick as possible and get the sign out of the yard asap. List the house with your real estate agent for an "under appraised value" discount of $329,000 and you should be able to walk away with around 20k or so after re fees, holding costs, a few curb appeal dollars, etc...
From the info you have given, this is my best advice; good luck.
Allen
You really have to wonder about the ethics of a realtor that would underprice a property THAT much. These tactics give realtors a BAD name. They are supposed to act in the best interest of the seller....not their OWN interest.
It is possible that the seller insisted on the low price for a quick sale-
Chris
All,
Thanks for all the advice, I decided not to pursue the deal. The comps were not accurate and the house was in a slow market area.
Realtors are retailing their listings. You need great deals if you want to wholesale. You will not find these deals listed on the MLS. You make your money when you buy in this business. Never forget that. So, choose your source for leads accordingly.
Your looking at deals and that is the most important part.
Each time you work through one good or bad you learn something.
Keep up the good work!
[addsig]
Look in the upper left hand corner and you will see an option to click over to the Commercial side of this site. They have an entire forum section devoted to just this subject. Start there and read through their older archives.
check out the commercial forums. Click on the upper left corner link for Commercial and read through their forums. Whole different ballgame