Posted by DemosL on October 29, 2009 at 22:33:24:
In Reply to: virtual investing systems posted by ray on October 29, 2009 at 19:02:53:
A Texas seller contacted me about his Indiana property. I'm in Virginia. He said the tax assessor said it was worth $51,000 and he wanted $20,000. After asking a few questions about the condition of the property, I offered $10,000. He accepted. This was without even seeing the property. I had him sign an Option to Purchase agreement.
I have the option to purchase, but no the obligation to purchase. The agreement is good for 60 days. I later looked up the tax records and found out the seller owed more than $6,000 in taxes. No wonder he accepted my $10,000 offer so quickly. I asked him to get me pictures so I can market the property. He complied. I also told him to make sure buyers can get into the property, once they proved they can pay cash for the house. Again, he complied.
I only had one person inquire about the house so far, but virtual wholesaling is not much different than wholesaling locally. You just need picture and a way for buyers to see the house, once they've seen pictures and can prove they can pay for it.