Comments on: Wholesaling Real Estate Step by Step

By: bob

bob — Wed, 12 Oct 2011 16:09:12 +0000

if a seller does’nt want to pay any closing cost is it ture that on the purchase and sale contract
you can ad the net so the end buyer knows he will responsable for all closing cost or is on the assignment contract and if so where is this on the contract

By: Thomas Lewis

Thomas Lewis — Sat, 06 Aug 2011 14:45:21 +0000

what is the best way to get a buyers list is that the 1st thing i need 2 do. been trying 4 2yrs now and nothing yet

By: Frank

Frank — Tue, 22 Feb 2011 01:53:36 +0000

Hi Stephanie,

Great advice and article. My questions is:
Do you always have to do a purchase agreement and follow it by an assignment agreement or can you enter into an option to buy agreement and have that assigned and does offering a dollar or even ten dollars have to go into escrow or howdo you prove that you gave consideration. Please advise because i’m ready to take on a property but am not sure how to approach the seller.

Thank you soooo much!

Frank

By: Judit

Judit — Sun, 23 Jan 2011 21:44:28 +0000

I am from California. Every title company will support the deal?
Who pays the 3. real estat agent and how?
Original seller has an agent, I have one and the end buyer has one as well.
Thanks for the info!

By: bienkaa

bienkaa — Mon, 06 Dec 2010 08:22:18 +0000

Hi Rob.
Can you please give me a step- step how to
do a mortgage assignment, owner finance to an end buyers?
I am a wholesaler, however I haven’t done a mortgage assignment yet.

Thanks,
Bienkaa

By: Assignment Of Contract: How To Make Money In Real Estate Without Having Any

Assignment Of Contract: How To Make Money In Real Estate Without Having Any — Wed, 24 Feb 2010 16:34:57 +0000

[...] Wholesaling Real Estate Step by Step Real Estate News | BiggerPockets.com (blog), on Thu, 11 Feb 2010 05:16:21 -0800 Once you’ve found an end buyer and agreed on a purchase price, you will need to assign your contract over to them by executing an assignment of contract … [...]

By: Stephani Davis

Stephani Davis — Mon, 15 Feb 2010 13:08:42 +0000

Hi Chris,

No, I’ve never had a seller say anything about an assignment fee. Keep in mind that you are dealing with motivated sellers who want nothing more than to get the property out of their hair and move on with their life.

If you are concerned that the seller will care that you are making a large fee, you can always do a double close so they do not see how much you are making. You would just have to account for the extra set of closing fees as well as the cost of borrowing money for the sale.

Steph

By: Stephani Davis

Stephani Davis — Mon, 15 Feb 2010 13:06:28 +0000

Hi Herb,

The title search will be added into the closing costs and paid at closing. It will say in your contract who is responsible for paying title fees, which is something that you can negotiate with the seller.

Steph

By: Rob

Rob — Mon, 15 Feb 2010 11:47:32 +0000

Very nicley and clearly explained. Does the seller know that you will be flipping the property to an end buyers- you really are only a middle man?
Does the buyer know that he has to pay you on top of the seller to get legal title to the property

thanks
Rob

By: Chris

Chris — Mon, 15 Feb 2010 02:43:51 +0000

Great article Steph!

Have you ever had problems with the original seller during/after closing? I haven’t yet wholesaled a property but it would seem to me that at some point a seller would object to an assignment fee ($10,000 in this case) that they knew nothing about when the contract was first negotiated… Have you ever had to put out a fire in this case?

By: Herb VanDyken

Herb VanDyken — Mon, 15 Feb 2010 00:42:49 +0000

Great article Steph, Once you bring the contract to the title company, who pays for the search, how much and when. ThankYou, Herbster

By: Stephani Davis

Stephani Davis — Fri, 12 Feb 2010 14:16:58 +0000

Hi Neil,

The majority of my end buyers are landlords, with a few rehabbers sprinkled in. Every once in a blue moon I’ll sell something to an owner occupant, but it doesn’t happen very often.

Take care,
Steph