ok guys, the bank accepted my offer on a property in queens. i should be getting contracts any day now. in nyc we have to use attorneys for all deals. how do i get around the downpayment (deposit) how much down do i have to put? i really don't have much cash. and does my attorney send the check to the seller's attorney (bank)? and last question, if i want to wholesale it to a cash buyer, how would i do it?
Looks like you put the cart before the horse on this one. I'm sure you negotiated a deposit when you made the offer, whatever it was you will have to put it down yourself. The other problem is that you most likely will not be able to assign this being a bank owned property. What you will need to do is a double close.
The BIGGEST thing here is that you don't have a buyer. That's wholesaling 101.....have a buyer's list before you have a property tied up....or at the very least, have a plan BEFORE you get the property. If I were you, before you put your deposit down, I would ...1. Back out of the deal 2. read, read, read this forum and learn wholesaling. 3. Find someone who can possibly partner with you 4. Keep reading 5. maybe find a FSBO and do an option agreement ( if you don't know what that means...read, read, read ;)
i do have an investor lined up, who wants it for 15k more than what i have the contracts for. i have the contracts under an llc, how do i do this thru the llc method....i'm not worried about the deposit anymore, because this investor is willing to put up the deposit money