BiggerPockets

Yep, call the listing agent and give them the details of your offer. They should take it from there!

The primary thing you need to show is that it is a good deal. Why should a buyer take your deal as opposed to something else? You should have ARV, ballpark estimate of repairs and price. There has to be a basic description. Your goal is to spark interest, once you do that an investor will dig deeper into the merits of the deal.

One concern that you will have in working woith realtors is that they want to know that you can close the deal and will usually want a preapproval and proof of funds. Most of them will not be interested in working with someone who is looking to assign a contract.

:cool:

I see... where do you guys recommend the best place to find deals?

Is it a good idea to contact the agent and disclose to her that you are looking to assign the property to an investor and not buy it from them. ?

Wouldn't a double close eliminate all of these problems?

Its simply two separate transactions that use the same money.

Wholesaler B makes a contract to purchase the property from seller A. B then makes a contract with end buyer C to sell the property. Take both contracts to a friendly title company. End buyer C wires in their money. The title company uses that money to fund both the B to C sale and the A to B sale. They do two set of paper work, including two deeds. They record the A to B deed first and the B to C deed second.

Now, there are numerous things that can go wrong. The end buyer C needs cash, hard money or a lender who's understanding about the transaction. If they are using a conventional lender, that lender will look at the title before they find the transaction, and may will refuse to fund it when they see the seller doesn't own it.

Some lenders want seasoning on the ownership. Because B owns it for a matter of minutes, the won't fund C's purchase. FHA, in particular, requires 90 days ownership by the seller.

Some title companies won't do this sort of transaction.

One way to make it work in more case is "flash cash". B borrows the money to make the purchase from A for a very short time. So, one batch of money comes from C or C's lender and a second batch of money comes from the flash cash funder. The flash cash is used by B to buy the property from A. C's money is used to buy the property from B. B then repays the flash cash loan with the money from the second transaction.

Yes. Some title companies here won't do it so its better to find one locally to you and just ask them if they do a simotanious close or double close. Get someone on your team and start doing the deals