Ok, got a house that is tax appraised at 62.2k. FMV is 67k. Needs 10-15k worth of work. I found the property through probate. Seller has agreed to take 12k for the property.
So, I am going to get my contract signed with like contingencies in there about inspections, and …? So question number one, what other contingencies should I put in there to allow me to back out if for whatever reason I don’t want to close on it. I easily have the cash to do it, but I just want to make sure I have a good out.
Ok question number two. I already have a buyer at 17k, however, they will have to get conventional financing to do it. We already have contact with a few banks that will finance for this low of an amount. So will a bank finance a property that has a contract with me with the seller and then my contract with me with the end buyer? I had figured when doing a wholesale deal was to do with the end buyer that is using cash. However, this is not the case here.
So since they will need financing. Will I have to close first before they can attempt to get their loan? If not, how do I do this so that it works without me having to close and me just getting the 5k for assigning the new contract.
I have never done a wholesale deal so this is a bit new to me, but I am pretty familiar with all ends of real estate. So any help will be extremely appreciated.
Thanks in advance!!