wholesaling in East Texas
Hello my name is David Peterson I live in Troup,TX. I'm a full time Investor that has never done a Wholesale deal.I have done 5 fix and flips.But have never done any wholesaling.I understand the concept and know what to wright on the contract but when it comes to getting paid do I use a Title company? Or a Lawyer which is better? Does the A and B transaction need to be funded first? Then the B to C Fund in order to close that transaction? Or can I take the new buyers money have them put it in escrow with the title company use those funds to close the A and B keep the funds left over from the B to C closing. That's where I'm confused I'm also suppose to use an assignment of contract do I get that from the title company or an attorney? Or am I suppose to have that doc?
@David Peterson hello David, you asked a lot of good questions and I will follow your thread to see the answers from the professionals. Just wanted to say hi and Welcome to BP. Check out the "Learn" Tab and you will find a ton of topics on just about anything you might need. Tom
You can do an asignee contract to avoid the double closing. I don't know much about double closings so I'm unsure of the correct answer to your question however I BELIEVE you need to do the closing with A transaction first. i do know thAt you have to pay double closing costs.
Originally posted by @Jade Davis:
You can do an asignee contract to avoid the double closing. I don't know much about double closings so I'm unsure of the correct answer to your question however I BELIEVE you need to do the closing with A transaction first. i do know thAt you have to pay double closing costs.
Thank you for your feed back here In East Texas we use an assignment of contract and a title company we use the TREC form pur chase and sell agreement with the seller and we use the assignment of contract for our buyer that's it buy for 1 price 10000 sell for a higher price 12000 and on your assignment fee is 2000 buy brings the money to closing which pays the seller and the assignor whispered is you 2000 and that's it. Howe very you must disclose to all parties that you will make a profit or they will get angry with you. Just a tip I learned recently.