Real Estate is always being purchased in both markets, homes on the MLS and homes not on the MLS. Knowing how to get the good ones in both markets can save you both time and especially money.
MLS listed homes has all the disclosures on the home. You usually can get all the issues a home may have from those disclosures. The other benefit is when you get the home in escrow you have full control of that property.
Realtors are not allowed to put the same home in escrow more than 1 at a time. If they do that it is called double escrow and can get the agent fined or disciplined.
The off market properties being sold by whole sellers usually do not have disclosures and there is usually more than one trying to sell the same property.
For example one home may be under contract with more than one wholesaler and that means that you may not get the home when you get it under contract. There is usually three layers to the transaction, Seller, Wholesaler, and buyer. Sometimes there are also another wholesaler on the buyers end that is part of the deal.
All in All you need to get a price on the property you are comfortable with and be sure the transaction is done through a Title company.
Always get a experienced eye on the cost of rehab. Usually wholesale real estate has a heavier cost on rehabbing. The less rehab properties usually go on the MLS. The cost of selling a property a lot of times is less than the wholesalers fee, so we get a lot of great deals from the MLS.
I personally buy some wholesale properties myself and after I close the property in my corporation I keep the property or sell it. That helps my clients make sure that they are getting a property if I am selling it.
Be careful buying income real estate and understand the areas that you are buying in. I help navigate my clients into purchasing the best real estate available. It's important to use an agent that has been in the business and has a resume. Me personally I have done 100's of these deals.
Getting the best real estate in the better locations maximizes my clients returns, and that is why I do what I do.
Need Income Real Estate? Call me I'm Brett 216-703-5740 Icon Agent At EXP Realty
MLS listed homes has all the disclosures on the home. You usually can get all the issues a home may have from those disclosures. The other benefit is when you get the home in escrow you have full control of that property.
Realtors are not allowed to put the same home in escrow more than 1 at a time. If they do that it is called double escrow and can get the agent fined or disciplined.
The off market properties being sold by whole sellers usually do not have disclosures and there is usually more than one trying to sell the same property.
For example one home may be under contract with more than one wholesaler and that means that you may not get the home when you get it under contract. There is usually three layers to the transaction, Seller, Wholesaler, and buyer. Sometimes there are also another wholesaler on the buyers end that is part of the deal.
All in All you need to get a price on the property you are comfortable with and be sure the transaction is done through a Title company.
Always get a experienced eye on the cost of rehab. Usually wholesale real estate has a heavier cost on rehabbing. The less rehab properties usually go on the MLS. The cost of selling a property a lot of times is less than the wholesalers fee, so we get a lot of great deals from the MLS.
I personally buy some wholesale properties myself and after I close the property in my corporation I keep the property or sell it. That helps my clients make sure that they are getting a property if I am selling it.
Getting the best real estate in the better locations maximizes my clients returns, and that is why I do what I do.
Need Income Real Estate? Call me I'm Brett 216-703-5740 Icon Agent At EXP Realty
