The major advantage you have when you whole sale any real estate property is you don’t need to have any ownership for the property and hence you need only little or no investment. Buying the property from the seller and assign the contract to buyer is what wholesalers actually do. The only thing which has to be taken care of is you need to buy the property for below market value price and sell it for more profit.
While assigning the contract to another buyer, the property has to be close down only by him. By this way you can make a good profit by the property you don’t own at all.
How to find a wholesale foreclosure homes in New York?
To find a property for wholesaling, first thing you need to do is to find the motivated sellers. Refer to any resources that is available online, newspapers, journals and other advertising modes and find a sellers who is eager to sell his house wholesale. Generally the old houses with lot of repairs will be quickly and easily available for wholesale.
Refer to multiple listing websites which has the large database of houses to be sold. Filter the results based on your requirements and you can easily find the wholesale foreclosures fast.
How to find a buyer easily?
Search for a potential buyers to your property online, let it be the individual buyers or wholesalers. Assume that the seller is selling the property for $100000, and you buy it for $120000. Now you need to find a buyer who can purchase it for $130000 or more than that which depends upon your luck and the hard work.
The Real estate owned property will listed by the banks and you can find such properties from the advertisements of lenders. Track such advertisements and call them quickly, once in a while you will get such offers from the lenders or bank which offers the property for below market value.
But beware of the fact that the location and appreciation value of the property is very important since you need to sell it to another potential buyer. If you are completely satisfied with the selling price then buy it. you can find a buyer who can close on the deal easily by advertising online.
Advertise online and in newspaper and once the investors starts calling then record their information and track them continuously. If you want to get paid quickly, you need to find a buyer quickly.
How to negotiate with the buyer?
The house owners in distressed condition and had to pay their mortgage quickly will be ready to close on their as soon as possible. You can find such buyers and ask them their selling price and if required negotiate with them to get a fair price for the deal.
Such houses can be easily sold to rehabber who can afford to repair the houses soon. They will find out the ARV(After repair value) of the house easily and close on the deal quickly.
Remember that wholesaling foreclosures or any other real estate properties is up to the market situation and you need to find a suitable time to get started with the business. It is not a wise decision to start wholesaling when the market is declining terribly. This article might be of great help to investors who wants to find the wholesale foreclosure homes in New York easily!