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Re: Will this wholesale deal work??!!
Re: Will this wholesale deal work??!! -- N8 Post Reply Top of Thread Forum

Posted by: Scott Rister
03/11/2003, 10:01:41

Edit
A lot of valid points and are exactly the type of issues that you will need to work through in order to wholesale the deal.

My advisement would be two important aspects first:

1) Get the property under contract with contingency in case your buyer doesn't qualify for financing needed on the deal.

2) Make sure your buyer has qualified financing for the deal.

It really is imperative that you work with the financing company and the buyer on the process being very up front of your intentions. You don't want to go through the entire process and deal going to underwriting getting kicked out because you don't actually hold title to the property.

Sure there are going to be a number of financing opportunities out there that will not get around the seasoning issue. However, there will be lenders that will do the deal without the seasoning issue. Most probably these are going to be local bank lenders in your area as seemingly most of the mobile home national institutional lenders have gone bust in the last year.

I would proceed full force ahead but protect your financial and legal interests with contingencies. You have some issues to deal with since you don't have it under contract yet, is listed with Realtor, and buyer is not qualified for financing yet. Make no doubt that in wholesaling they are all small hurdles to overcome and you can by tackling them one at a time.

Scott


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