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.

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.

My phone rings from my advertising, or my email fills up from my online lead generators.

They leave you a message with their name and property address … what’s your next step?

Here is one step that I follow.

I visit my local county government website.

You can find out some very useful information like who is on the deed to the property, the last sale date, last sale amount, bedrooms, baths, square footage, and much more in just a couple minutes.

This helps to qualify the lead and gives you additional information before you talk to the seller.

Sometimes I discover that the person contacting me is not the seller – I know right away that I’m dealing with a wholesaler, or perhaps someone who didn’t realize they didn’t own the house.

Here’s Your Homework:

If you are unfamiliar with your local county website, go google it now … “<county name> <state> county website”.

Once you find it, see how much information you can uncover before even talking with your seller.

In July of 2008, the Housing and Economic Recovery Act established a temporary refundable first-time homebuyer credit equal to 10% of the purchase price of a principal residence, up to $7,500 ($3,750 if married filing separately).

The credit applied to first-time homebuyers who purchased a home on or after April 9, 2008, and before July 1, 2009.

In 2009, legislation passed that extends the credit to qualified first-time home buyers through November 30, 2009.

It also expands the credit from $7,500 to $8,000 for home purchases made after December 31, 2008, and before December 1, 2009.

Generally, a person qualified as a first-time homebuyer if your potential buyer, and their spouses were married and did not own any other principal residence during the 3-year period ending on the date of purchase.

The American Recovery and Reinvestment Act also allows your homebuyers to elect to report a qualifying home purchase made in 2009 as if it occurred on December 31, 2008 (allowing them to claim the credit on 2008 federal income tax return).

What does this mean for your retail buyers? It means that many 1st time buyers that qualify for financing are basically getting paid by the government to buy their new home! That’s why it’s called a stimulus…

What does all this mean to you? Well, with home prices and interest rates at historic lows, this great tax credit program gives potential buyers more incentive than ever to buy their new home by working with you.

One of my students has a house under contract. 

It’s a pretty good deal for his market.  $7000 for the house, need $15,000 in rehab.  Retails about $60K.  It’s in a war-zone area, so the potential buyer is a landlord who wants a cheap cashflowing rental.

He put out handwritten marketing signs near the property:

please help!
must sell house in 3 days

handyman special
call now

investor special
home for sell

100 calls in a day was an understatement.  He felt overwhelmed with tire-kickers and people wasting his time.

We talked a little today about how to handle that kind of response. 

Take charge of the conversation.

As we talked, it became clear that he wasn’t in charge of the conversation.  He was nervous on the phone, and people were walking all over him.

After we talked, I gave him some conversational pointers:

• Don’t just answer their question, listen for their need.
• Are they first time home buyers?  Can they handle a $15,000 rehab job?  If not, this house likely isn’t for them.

He learned some other phrases and spent the rest of the afternoon returning calls with confidence, not frustration.

As Richmond area is experiencing layoffs and downsizing, some of you may be thinking about getting your feet wet in Real Estate.

To get started, the trick is to simply find the real deals.

Let me tell you the quickest way you could start making money in real estate right away. It’s the quickest way to make money now.

Find Houses for Me

Visit www.bringhousestome.com and sign up for the free training course that I offer you.

Go around and start looking for empty houses.

That training course will help you get started in your career in real estate.

If you are aggressive and get out and look for properties today, you could be making a few hundred dollars a week by next week.

These techniques work but they require work.

Interestingly enough you could do a lot of this work from a bicycle if you had no car (but maybe not in Detroit during the winter).

None of these techniques require cash or credit and will get you started in real estate investing right away.

Visit www.bringhousestome.com and sign up for the free training course that I offer you.

I have started using a 3rd party service that enables me to get legal electronic signatures on my paperwork.  I have been using their service and my customers find it very convenient.

Over 500,000 other companies around the world use this electronic service. 

How it works for me

When I cannot visit a seller in person, for example — they are out of state — this provides an excellent paperless service. 

I prepare my agreement as a Doc or PDF, upload it to the service and then it is emailed to the seller for signature.

My seller opens the document, signs it by typing their initials, and an electronically initialed copy is sent to both parties.  (If a physical signature is still required, they can print it out, and fax it to the number provided by the service so that it stays secure.)

I have found the following benefits:

• No faxes.  My fax machine is finicky in that not every transmission is successful.  Sellers don’t have to try 7 times to fax something or find a office supply store to fax it.
• Original PDF copies — no 7th generation faxes.
• My sellers find it easy and cost free.
• I don’t have get copies back to seller — its automatic.  Saves me time

I find that using this service saves me time, and headaches, and facilitates my transaction.

You can even use it to collect signatures from mobile phones and iPhones for those who get their email that way.

Are Electronic Signatures legal?

The Electronic Signatures in Global and National Commerce Act (“E-Signature Act”) became effective in the US on October 1, 2000.  Since then, online electronic signatures on commercial transactions and most other agreements have a legal status equivalent to a written signature.   US state law modeled on the Uniform Electronic Transactions Act (UETA) also provides a legal framework for electronic transactions. It gives signatures and records the same validity and enforceability as manual signatures and paper-based transactions. This UETA was adopted by the National Conference of Commissioners on Uniform State Laws (NCCUSL) in 1999. (from the company’s website).

How do you start?

Try Echosign’s free trial. 

That will give you 5 documents for free.

Simply create an account and get started.  No credit card required.