What to Ask a Wholesaler Before Buying Their Deal

A wholesale deal sheet is a sales document. It highlights the purchase price, an optimistic after-repair value (ARV), and a big potential profit. What it usually leaves out is exactly what determines whether you make money: whether the wholesaler really controls the property, what's wrong with the house, and how the numbers were built.

Good wholesalers welcome questions, because buyers who ask good questions close. Here's what to ask, organized so you can work through it quickly on every deal.

Questions about the contract

"Is the property under contract, and can I see the contract?" A wholesaler should have a signed purchase agreement with the owner. You don't need to see the price they're paying, but you should be able to confirm the contract exists, who the seller is, and that it allows assignment.

"Is this an assignment or a double close?" With an assignment, you step into the wholesaler's contract and pay their fee at closing. With a double close, the wholesaler buys the property and resells it to you, usually the same day. Either can work, but you should know which one it is and how the title company is handling it.

"When does the contract expire, and what's the closing date?" A contract that expires in five days puts pressure on everyone. Know how much time you really have for inspections and funding.

Questions about the property

"Can I walk it, and when?" If you can't see the inside before committing earnest money, treat that as a serious risk. Occupied properties can be harder to access, but there should still be a plan.

"Is it occupied? By the owner, a tenant, or someone else?" Occupancy changes everything: timeline, rehab start date, and possibly your exit. A tenant with a lease, or a squatter, is a very different deal from a vacant house.

"What do you know about the roof, foundation, HVAC, plumbing, and electrical?" These five systems drive most rehab surprises. A good wholesaler will tell you what they saw, even if the answer is "I couldn't get into the attic."

"Are there more photos, or video?" Listings often show the best room. Ask specifically for the kitchen, bathrooms, ceilings, and any area with water damage.

Questions about the numbers

"Which closed sales did you use for the ARV?" Ask for addresses, sale dates, square footage, and condition. Active listings and asking prices aren't comps. Neither are sales from a different neighborhood, or houses that are much larger or newly built.

"How did you estimate repairs?" A number like "$25K rehab" with nothing behind it is a guess. Ask whether a contractor walked it, or whether the figure is a rough per-square-foot estimate. Then build your own number anyway.

"What would you expect it to rent for?" Even if you plan to flip, knowing the rental value gives you a backup exit if the resale market slows.

Questions about the terms

"How much earnest money, where is it held, and when does it become non-refundable?" Some deals make earnest money non-refundable right away. Know that before you sign, and make sure the money goes to a title company, not directly to the wholesaler.

"Which title company, and is title already open?" Open title early means lien and ownership problems surface early.

"Who pays closing costs, and is there an option or inspection period?" Many wholesale deals are "buyer pays all closing costs, as-is, no option period." That can be fine, but it should change what you're willing to pay.

Answers that should make you pause

• "You don't need to see it, the photos say it all."
• "Other buyers are about to grab it, I need your earnest money today."
• Comps that are all active listings, or all from a nicer area.
• A refusal to tell you whether the property is under contract.
• Earnest money paid directly to the wholesaler instead of a title company.

None of these guarantee a bad deal, but each one shifts more risk onto you.

Why this matters for the wholesaler, too

Wholesalers who answer these questions upfront close more deals and build a buyer list that trusts them. Buyers remember who gave them accurate numbers and who didn't. On PropPipeline, wholesalers can include the basic terms, disclaimers, and property details right on the listing, which answers many of these questions before a buyer ever reaches out.

Bottom line

Treat every deal sheet as the starting point for your own underwriting, not the conclusion. Ask about control, condition, comps, and terms on every deal, and write down the answers. When you find a deal worth pursuing, you can message the wholesaler directly from the listing and work through these questions in one place.