Home Buying in Lancaster>Question Details

Helen Carter, Both Buyer and Seller in Los Angeles, CA

Newbie: Wholesale, Looking for Real estate agent to assist me with first deal, as well as, a mentor to ask questions.

Asked by Helen Carter, Los Angeles, CA Sat Jul 21, 2012

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4
Helen if you are looking into putting a property under contract and the reselling the contract before closing you can not do that on most properties. That is the old definition of the term wholesaling in real estate. Lender owned homes and short sales will not allow assignment of contracts.

It's been a long time since I have heard of anyone asking about wholesaling. By the way do you have a deep buyers list yet?
0 votes Thank Flag Link Sat Aug 25, 2012
Good afternoon Helen,

Here's the advice I've given to my "Newbie" clients for 23 years as a mortgage professional (and former First Time Buyer "Newbie" myself!):

First steps:

1. Meet with a Local Mortgage Banker to get prequalified for mortgage financing. The Mortgage Banker will review all facets of your loan request to answer your questions with regards to the types of loans and maximum loan amounts you could qualify for.


2. Get a referral to a good, local, real estate attorney. Call the attorney, retain the attorney so you have her information handy when you make an offer. Having that information at time of offer helps you demonstrate to the Seller how serious you are, and they will consider your offer with more interest.

3. Line up a Home Inspector. A good home inspector will scare the heck out of you: that's what you pay him for! But you'll concentrate on the fundamentals of the property: roof free of leaks, plumbing, heating and electrical up to code and in good working order. Again, when you make an offer and you have your Home Inspector ready to go, your offer will be considered with much more interest by a Seller because you truly have your "ducks in a row" and your preparation demonstrates your serious attitude about conducting the purchase transaction in a timely manner.

4. Find an experienced Local Realtor who works in your desired shopping area. A serious pro Realtor will refuse to show you homes until you are Prequalified for mortgage financing. Don't take offense! That Realtor doesn't want you to be disappointed and wants you to have a smooth experience as you shop for your new home.

Put together your Team of real estate professionals and shop 'til you drop!

Good luck!
Trevor Curran
NMLS #40140
0 votes Thank Flag Link Sat Aug 25, 2012
Call me33+ years of selling Los Angeles/ Los Angeles suburbs........I am a REO agent......an expert on distressed properties and have extensive experience working with investors. I get it! I understand ROI.........and most importantly " I go to work.........I get the job done !"
Ernest L Wilson- Century21 Yarrow
(661) 547-8532
0 votes Thank Flag Link Fri Aug 24, 2012
Hi Helen,
I am hoping you have received the information I sent you
Thanks Sherry
0 votes Thank Flag Link Sat Jul 28, 2012
yes I recieved the list
thank you very much and I will be intouch with you real soon..call anytime..
Flag Sun Jul 29, 2012
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