$18,500 in 17 Days! Wholesale Real Estate Breakdown
Flipping2Freedom・13 minutes read
Property in Fort Worth with fire damage quickly sold at $100,000 due to a motivated seller, negotiation tactics, and a clear title, earning an assignment fee and teaching valuable lessons about real estate deals.
Insights
- Hiring unlicensed contractors can lead to project disruptions and legal issues, emphasizing the importance of working with reputable professionals to avoid complications.
- Utilizing strategies like offering referral fees, leveraging legal tools like memorandums, and maintaining motivation can significantly impact the outcome of property deals, accelerating sales and enhancing profitability.
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Recent questions
How did the unlicensed contractor's passing affect the property in Fort Worth?
The unlicensed contractor hired by the owner to gut the property in Fort Worth passed away mid-project, leaving the property in a state of extensive fire damage. This unfortunate event added to the challenges faced by the owner in selling the property quickly due to its condition and city notices.
What was the initial offer made by the buyer for the property in Fort Worth?
The initial offer made by the buyer for the property in Fort Worth was $80,000. Despite the seller's grandson being involved in negotiations, the deal was initially locked in at this price point.
How did the seller prevent backing out for a higher offer on the property?
To prevent the seller from backing out for a higher offer, the threat of filing a memorandum was used. This tactic ensured that the deal for the property in Fort Worth, which had already been locked in at $80,000, would proceed without any last-minute changes.
What fees were earned and paid during the sale of the property in Fort Worth?
During the sale of the property in Fort Worth, a $20,000 assignment fee was earned. Additionally, a $1,500 referral fee was paid to the seller's grandson who was involved in the negotiations, highlighting the importance of offering referral fees in real estate transactions.
How did the clear title of the property impact the quick sale process?
The property in Fort Worth had a clear title with no mortgage or liens, which enabled a quick sale to be completed in just 17 days. This clear title facilitated a smooth transaction process and contributed to the efficiency of the sale, emphasizing the importance of ensuring a property's title is free of any encumbrances.
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Summary
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"Quick Sale of Fire-Damaged Property in Fort Worth"
- Property in Fort Worth, vacant for 3 years, suffered extensive fire damage.
- Owner hired unlicensed contractor who gutted the property but passed away mid-project.
- Seller, an older lady, wanted to sell the property quickly due to its condition and city notices.
- Initial offer made by buyer at $80,000, seller's grandson involved in negotiations.
- Deal locked at $80,000, buyer found at $105,000 but backed out, new buyer at $100,000.
- $20,000 assignment fee earned, $1,500 referral fee paid to grandson.
- Threat of filing a memorandum used to prevent seller from backing out for a higher offer.
- Clear title, no mortgage or liens, enabled quick sale in 17 days.
- Lessons: Always offer referral fees, be willing to file a memorandum, motivation improves deals.
