Checking out a property a wholesaler sent me

17 Mar 2023 · 2 min

Watch on YouTube

1:59

This content was created by Andrew Postell - NMLS# 392627. This content was uploaded by Andrew Postell - NMLS# 392627. This is a YouTube video titled "Checking out a property a wholesaler sent me" (uploaded 2023-03-17) featuring Andrew Postell presenting a property walkthrough. In the clip he describes a 3-bedroom, 2-bath home with dated interiors and needed repairs (carpeted bathroom, missing baseboards, flooring and painting required) but with functioning HVAC and solid foundation. He explains the price discrepancy between a wholesaler's ask and the MLS listing (wholesaler negotiated about $40,000 off), says he'll likely make a lower offer, and offers a brief market insight that MLS price reductions don't necessarily lower comparable values but can create buying opportunities.

Chapters

Heyo! Hey, Andrew Postell here as normal. Let's do a quick Drew 2. Today I'm walking a property, a nice empty property that has good features but needs a little bit of updating and love. This home is a 3-bedroom, 2-bath home. I saw this home through a wholesaler. However, when I looked up the property, It was already on the MLS, and it's on the MLS for $40,000 more than the wholesaler is even asking. So why am I entertaining this property? Well, one, it's a— because it's a 3-bedroom, 2-bath home in a great area. But 2, because it's already been negotiated down. I will continue to probably have to offer even, even lower. I mean, there's carpet in the bathroom, for goodness' sake. So— All the flooring will have to be gone, painting everything. The good news is the HVAC seems to work out, the foundation is good, but there's no baseboards. I think they had a dog and it chewed them all up. You can still smell that, but doesn't mean I shouldn't make an offer. I will absolutely still make an offer on this home, but the point that I wanted to bring up here, people on the MLS, bathroom just a little dated, that's all. Nice color in the bedroom. Some owners on the MLS are already reducing their prices. Reduction of a price on the MLS does not mean that your comp value is going down, but it does mean there could be and should be some good opportunities for you out there. Think about it, the wholesaler already negotiated $40,000 off the listing price. Opportunities are a-coming. I hope you're ready. Hope you're making your offers. I'm Andrew Postell. Hope you enjoyed this edition of the Drew Two. We'll talk with you soon.