After a house you find to wholesale is put under contract, what are the next steps?
- House under contract
- Title Search
- Finding Buyer
- Do you need to get an appraisal done?
- Do you ned to hire an inspector for repair estimates? Some lenders will require a house be in “average condition” before they will give a loan to the buyer.
Can someone tell me if steps 4 and 5 are needed for wholesale deals?
Your answers to questions 4&5
- Yes, you need and appraisal
a property analysis is recommended from a local realtor.
5.A general contractor to inspect the property is always needed
***note make sure when you write your contracts you have a contingency clause " upon approved inspection"
as a wholesaler, I don’t need to worry about purchasing any type of insurance do I?
I mostly deal with preforeclosure property where I sell the property right away while I’m waiting for the property to sell I do have insurance on the property just in cause anything goes wrong.
A friend of mine got a pre foreclosure deal and did not put insurance on the property and the garage caught on fire and they would only make the insurance check out to the previous owner …she showed them proof the property was deeded over to her, but she was not on the insurance the homeowner had moved out of state and it was a real mess…