New Wholesaler, have identified foreclosure property but have questions. HELP!!

Posts: 20

 New Wholesaler- Needs Advice on Foreclosure Property 

« on: Today at 11:37:35 AM »

I found a foreclosure property, row home, listing for $47,500 but I want to make a lower offer. It needs total re-hab. I have never used a hard money lender and not sure how to go about wholesaling this property using a hard money lender. It appears that I need 15% deposit of the agreed price to obtain this property. The other properties in this neighborhood are selling up to $200K plus. I believe once it is rehabbed, it will be a great deal. Can any of you seasoned investors give me advice how I could handle this as a wholesaler? If you want to talk off line, I have the full details on this property.

Thank you very much.

first of alll no 1 sells 200k prop. for 47k
so something doesnt make sense
no matter how bad it is
… if 2 bad then u dont want it either especially if u are new at this
i would be reallllllllll careful b4 u buy it
and a hard money lender isint gonna b 2 interested with only 15% down

FYI, here is exact listing:

Price: $47,500
Large 4 bedroom town home located conveniently off bus line close to central business district and nearby community shopping. This house in need of repairs, however the same is reflected in list price. Corporate listing being sold as is. Addendum, NCCBOR contract, unconditional pre-approval, 5% deposit (15% for investors) required with any offer and proof of funds. Investor contracts are subject to a 3 month re-sale/refinance deed restriction. Call listing agnt for documents necessary to submit offer.

When I searched for homes in the area I found a single family and a row home that sold between $145K - $350K. This is no mistake.

not 15% down…
2 very diff. things !
also corporate owned is NOT a foreclosure !!! be aware
sounds like they got a nightmare on their hand and dont make it yours :

Thanks for the feedback. My mistake, about the 15% down, I read it too fast.

Question, what is the problem with a Corporate owned? Remember, I am new to all of this so if my questions sound simple, it’s because I am still learning. My original motivation is to wholesale properties.

Hello Joyce,
Some of my best deals are from Corporate relocation companies. Go to the property now. Take a look and see if it is real. You will know soon enough and yes sometimes super deals show up through regular channels and alot of people think it is a scam. You will know the minute you pull up to the property …if you know your market. If it is a real deal call and say you will take it…say it with authuority, like you mean it, even if you don’t have a dime. The money will follow.
As investors we make money from other peoples nightmares,
Move quickly, if it is a deal it will be gone tonight !

If you are new and you need to get your feet wet you could bird dog the property to a seasoned wholesaler and get a bird dog fee if the deal is there, and at the same time learn from that wholesaler. If there is no deal the seasoned wholesaler will let you know and then it will be a good thing you didn’t invest you time and money. Email me the info on the property if you are interested. Have a great night!

Thanks Darin. Yes, it is for real. I use to work near the town where the property is located. So this is definitely the real deal. I also have a picture of the property. This property was also located on I spoke to the Realtor and he indicated that he had an offer from someone but it was too low and he didn’t think it would be accepted. I will be contacting him tomorrow to present another offer. Thanks Again! :smile

Thanks MillerBuysHouses, I will e-mail you the details of the property. I also have another deal that I would like you to look at too that I am working on. I have pictures of both properties. :biggrin

That’s great! Keep all of your options open. Any deal is better than no deal. Good luck on your investment.