Short Sale To Wholesale To Buyer
I just got a great deal on a short sale. To try and turn the property as fast as possible (and to a cash buyer!), I am trying to sell it as FSBO without rehabbing. I have targeted ads in the paper to investors/fixeruppers/handyman as well as done a flat listing on MLS. The problem is that when all these folks call, they ask two questions that are burying me. How long have you owned the property? and What did you pay for it? I have tried being honest with each caller stating how I purchased the property as a short sale after several months and am currently looking to wholesale the property to a rehabber. I am not looking to make a killing on this ..10K would be a nice profit for the trouble i have been involved with completing the short. I get the feeling that all the folks calling me feel like there is no room for any more profit once they realize I am an investor. Any ideas/suggestions on how I can entice buyers to this property? I imagine all wholesalers experience this to a degree... the issue of what if the new buyer knows what i really paid for the deal! As far as the flat fee MLS listing, I have found that it is pretty useless. Most realtors dont want to have anything to do with flat fee listers even with a 3 coop perceiving us as a threat to their livelihood. AND if investors actually do call the reator that is listed on the MLS, then they most likely are not forwarding those calls to me as they stand to gain nothing from the deal. They all just want to get you to sign up with them for full Service...but thats another topic.
Everyone says to offer 82% but I dont think I have gotten any (or darn few) below 85%. If you offer anything lower than that they wont even call you back pretty much.