Buying Foreclosures, REOs. Short Sales, FSBO, MLS and More

Criteria of Wholesale Buyers

When looking for wholesale investors you will want to know some basic information:

– Property
• What kind of properties are they looking for?
• Where?
• How much repair is acceptable to them?
– Money
• How much can they afford?
• How much below market is the minimum the need?
– Time
• How soon can they buy?
• How many deals a year do the want to do?

After you have found a buyer, know their limits, and have found a buyer you may decide to do a lease option or seller financing. You may also want some of the information below to help close the property. This information can be given to your creative lender that can close these for you.
- Credit Report
- Past employment information
- Prior homes or rentals
- Personal and business references

Criteria of Retail Buyers Part 1

When creating your marketing list you will need to find some basic information so that you know what to look for or if you have such a property in you portfolio.

You want to find out:

– Property
• How big
• Where
• What should be included as amenities
• Will they work with repairs
– Money
• What is their price range
• How much can they put down either for earnest or down payments
• Do they have a prequalification
• How much can they afford to pay each month
– Time

We know that we can create a buyers list. We also know that we do not want to waist our time with those that cannot purchase our home, are not truly interested or do not fit our criteria.

Most of the ideas about qualifying buyers have been covered in other posts as well as Dean’s teleconference but another idea to add would be to show the property only to those that have driven by the property. This would show that the buyers are still interested after a drive by and can qualify creating a suitable sale opportunity without using much of your time.

Creating a buyers list can help you quickly match up buyers with homes that they are looking for. You can also help end buyers as well as investors find homes they could not have saving them time and hassle – which is why we get paid.

You get to improve your business by having buyers lined up that can buy. You don’t have to wait for the MLS to work for you. This will work with flipping properties, renting properties or whatever else you were looking to use as your exit strategy.

can anyone help me with more info on doing back to back closes or (simaltaineus closures)

Once you have done the due diligence on the property you are looking at you will probably be getting ready for closing. Here are some more items that you will want to do for Due Diligence prior to closing:

Engineering Inspection and Survey

Environmental Inspection and Survey: Key Issues: Asbestos, Lead Paint, underground tanks, wetlands

When purchasing commercial real estate one of the most important items to do is Due Diligence. Here is a list that you can use to increase your understanding of the commercial property you might be looking at:

Financial records:
• Annual profit and loss statements (P&Ls) past 3 years minimum (5 years preferred)
• At least one year monthly P&Ls (preferably two years)
• Balance sheet (3 years)
• Rent Roll including term, deposit, and payment history

Tax returns- 3 years

Finding foreclosures can be done by going to your local recorders office. Some offices are even available online. You will want to do research for NOD's and/or Lis Pendens

By foreclosures I assume you are meaning REO properties. Realtors are a great way to find these properties.

Here is the quickest way that I Analize a property, so that I can make an offer in minutes(only if i have too)

The First thing you need to know is: 1) The ARV (after repair value) 2) The cost of the Rehab or Repairs 3) Closing Costs, thats basically it. If it's a Rental Property, then you would also want to know the Current Market Rent or Potential Rent.

How much should you pay?