Walker’s Wholesale Houses

Before offering a wholesale property for sale, make sure you contract the property first.

Get as distant of a closing date as you can while being able to close early if you like.  I usually ask for 45-60 days.

You will need to put up an earnest money deposit to make the contract legal of course but this can be anywhere between $10- thousands. Do what you can to negotiate the least amount while giving you the most freedom for closing. If it is more than $100 I always require to have the deposit put in an attorney or title company escrow account.  

My sellers tend to accept $1, or $10.

The next and most important thing is your inspection clause. This is what will give you the safety you are looking for. Ask for at least 15 business days which will give you 19 actual days, to do your inspections.

The main thing here is to give yourself enough time to get a contract with a buyer.

Here is a sample clause [check with your own state and attorney]

"In the event the property does not meet the buyers approval, all earnest money will be promptly returned to buyer and the contract will be voided."

Now you can legally go to your buyer and offer to sell them the contract on the property.

Don’t offer a property for sale that you don’t have a contract on.  That can get you into legal hot water real fast. 

I will sometime get a call from investors asking if they can promote their property on my list.  I will not do that if they don’t have a contract on the property.  Nor will I put it on my list unless I have an option or something on it.

I might call a few investor friends with a lead, but I will not advertise it or offer someone else’s contract for sale unless I get made party to it.

There are investors who can buy a house for cash.

Where does the cash come from?

• Line of credit that still has available credit.
• Personal wealth
• Self directed IRAs
• Private Loan from a friend
• Receiving a settlement for job disability, lawsuit, or lottery winnings.
• Inheritance from an estate

In the last few weeks I’ve encountered two sellers are waiting on a settlement so they can buy their next property for cash.

Is that your situation?

Are you looking to buy a fixer upper for cash that you are wanting to repair?

Would you like to get a house for pennies on the dollar and do so by cash?

Sign up for our Wholesale Buyer’s list and get on our list to be made aware of what we have in our inventory.

You’ll be asked for a phone number.  Make sure we get that as well.

Click here to join our list ->Wholesale Buyer’s list

Providence Creek Neighborhood, Chesterfield County.

This house comes with sub2 owner financing for up to two years, making it perfect for a lease option exit strategy and collecting your check on the back end.

Little money to get in, just take over payments on 1st mortgage for 1st year, then both on 2nd year.

Move-in Ready for those who do lease options.

Your Price:

Around 180,000.

First year payments at $1202.  2nd year payments at $1500.00

Approximate ARV between $220-240 if you can hold onto it while the market sits and collect a nice backend payment if your buyer cash’s out.

Currently listed neighborhood property between $215 and $250.

At $220,000 arv, this sits around 82% ARV for now.

This is not a fix/flip opportunity.

Features

4 bedrooms 2.5 baths, 2100 ft2 +/-

This home is great for entertaining and features an open floor plan with a two story living room and fireplace, a large updated kitchen with newer flooring and countertops as well as access to the rear deck that overlooks the wooded private lot.

There is also an extra large (19 x 19) family room with a half bath and French doors that lead you to the front patio.

The first floor master suite boasts a walk in closet and full bath.

There are three additional bedrooms and a full bath located upstairs. What a great value!!

Photos:

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Schools:

Elem School: Providence
Middle Schoo: Providence
High School: Monacan

Contact:

Contact Chris at 804-915-9475 to arrange access.

Not a deal for you now?

Grab our RSS feed and get new postings immediately of signup for our email wholesale buyers list

Do you know how to do sub2 deals? Learn from the best Guru on the market:

Buy Richmond Virginia Foreclosures

Foreclosures in Richmond and Virginia are at an all time high.

In the Richmond market, foreclosed properties dominate the MLS and thousands of pre foreclosures in Richmond VA are in process.

To buy a Richmond Virginia foreclosure, you could spend hours scanning the MLS for REOs, spending thousands of dollars advertising for sellers in pre-foreclosure, or simply outsource it.

That is where we come in.

We find Richmond VA pre-foreclosures and people wanting to avoid foreclosure for you.

Learn of Richmond Virginia Foreclosures

Here is how you learn of Richmond VA Foreclosures

We find the property in pre-foreclosure in Richmond.

We email our wholesale buyers that we have a property in pre-foreclosure available to them.

You receive our email, open it and read about the pre-foreclosure in the Richmond area.

You call us to see the house.

You put down a non-refundable good faith deposit to secure your closing (unless I can’t deliver title).

You buy the property that is the foreclosure process in Virginia.

That is how you do it with a company like this.

Get Richmond VA Pre Foreclosures by Email

To get our emails, simply join our wholesale buyers list.  You can only get word of our deals by joining our list.

We buy and sell pre foreclosure in Richmond, Glen Allen, Louisa, Goochland, Hanover, Chesterfield, Petersburg, Colonial Heights, Chester, Hopewell, Henrico and throughout all of central Virginia.

EMILY C. DOOLEY TIMES-DISPATCH STAFF WRITER

Published: June 9, 2009

The Richmond region has lost more jobs than any other metro area in the state, an economist said yesterday.

From when employment — the number of jobs — peaked in the Richmond area in August 2007 through March 2009, the region lost 26,000 jobs. The job losses included thousands resulting from the bankruptcies of Circuit City Stores Inc., LandAmerica Financial Group Inc., and Qimonda AG.

. . . . .

Virginia also is doing better than the nation. From March 2008 to March 2009, Virginia employment fell by 2.4 percent. During that same period, employment fell by 3.5 percent nationwide, the report said.

. . . . .

Another study could bolster that belief. A June 5 study conducted by the Society for Human Resource Management said more workers are expected to find jobs in June compared with the previous six months.

The study is based on a monthly survey of human resources officials at manufacturing and service-sector companies.

via In Virginia, layoffs hit Richmond area hardest | Richmond Times-Dispatch.

ASSOCIATED PRESS

Published: May 27, 2009

WASHINGTON — A real estate group says sales of previously occupied homes rose modestly from March to April as buyers swooped in to take advantage of prices that were 15.4 percent below year-ago levels.

The National Association of Realtors said today that home sales rose 2.9 percent to an annual rate of 4.68 million last month, from a downwardly revised pace of 4.55 million in March.

The results slightly beat economists’ forecasts. Sales had been expected to rise to an annual pace of 4.66 million units, according to Thomson Reuters.

The median sales price plunged to $172,000, down from $201,300 in the same month last year. That was the second-largest drop on record after January, when prices fell 17.5 percent.

via April existing home sales rise 2.9 percent | Richmond Times-Dispatch.

From a May 20, 2009 Report:

Single-family home construction posted a modest rebound in April, raising hopes that the three-year slide in housing is leveling off. But a bulging supply of unsold homes, record levels of foreclosures and still-falling home prices suggest that a sustained recovery isn’t likely until next spring at the earliest.

The Commerce Department said yesterday that construction of homes and apartments fell 12.8 percent last month to a seasonally adjusted annual rate of 458,000 units. That’s the lowest pace on records going back a half-century.

Applications for new building permits dropped 3.3 percent to an annual rate of 494,000, also a record low.

All of last month’s weakness came in the volatile multifamily part of construction. By contrast, single-family construction and permits both rose, which economists took as a hopeful sign that this bigger sector of home construction is stabilizing.

. . .  . .

The government report yesterday showed that multifamily construction plunged 46.1 percent to an annual rate of 90,000 units after a 23 percent fall in March. Permits for multifamily construction dropped 19.9 percent to 121,000 units.

Analysts said apartment construction is being hurt by a glut of condominiums on the market and by tightening credit conditions for commercial real estate.

Construction of single-family homes rose 2.8 percent in April to an annual rate of 368,000. That followed a 0.3 percent gain in March and no change in February.

Building permits for single-family homes rose 3.6 percent to a rate of 373,000 last month.

via Housing slump could be near bottom | Richmond Times-Dispatch.

According to the quarterly Housing Opportunity Index compiled by the National Association of Home Builders and Wells Fargo Bank, housing affordability is reaching record levels in the US.  Nearly 73 percent of all homes sold in the first three months of 2009 considered affordable — the highest percentage ever reported by the 18-year-old index.  ”Affordable” means that a family making the national median household income of $64,000 must be able to devote no more than 28 percent of their income toward housing costs.

The most affordable major metropolitan areas and their median home prices are:  Indianapolis; Youngstown, Ohio; Akron, Ohio; Grand Rapids, Michigan; Syracuse, N.Y; Warren, Michigan;Cleveland; Buffalo, N.Y.; Toledo, Ohio; and Dayton, Ohio, with prices ranging from 78,000 to 119,000.

All real estate is local.  Here is a snippet from the May 20, 2009 Richmond Times Dispatch.  News on building permits and what new housing starts are happening.

RICHMOND VA Housing Market

In the Richmond area, there has been an increase in home sales but not much in home construction.

“Inventory levels are getting eaten up a little bit,” said Christopher Corrada, president of the Home Building Association of Richmond and vice president of East West Partners of Virginia Inc., a development firm in Midlothian.

“Even if the market is getting better, the biggest issue builders and developers face is they cannot get loans from banks. Banks are not lending on construction and development,” he said.

In Richmond area, 367 building permits were issued in the first quarter compared with 960 in the year-earlier period, a 62 percent year-over-year decline, according to Integra Realty Resources Richmond, a real estate research firm.

“We are still experiencing a continuing slowdown in the market,” said Tom Tyler, a senior analyst with Integra Realty.

Source: Housing slump could be near bottom | Richmond Times-Dispatch.

ASSOCIATED PRESS

Published: May 4, 2009

WASHINGTON — The National Association of Realtors says pending U.S. home sales rose from February to March as buyers took advantage of deeply discounted prices and low interest rates.

The real estate group today said its seasonally adjusted index of pending sales for previously occupied homes rose 3.2 percent to 84.6 in March. The index was 1.1 percent above last year’s levels and has risen for two straight months after hitting a record low in January.

The index, which started in 2001, tracks signed contracts to purchase existing homes. Typically there is a oneto two-month lag between a contract and a done deal, so the index is a barometer for future home sales.

via Pending home sales up 3.2 percent in March | Richmond Times-Dispatch.