Just got a property under contract...what now?

Question

Hi everyone.

My name is Devin and I'm extremely new to REI...I just started within the last 3 weeks and I just got my first property under contract...now what?  Do send the original (signed) agreement to the title company?

Thank you all in advance!

Account Closed · Answer

Hey @Devin Nguyen and welcome to BiggerPockets. The road map for real estate investing success can be found right here on BP! Congratulations, you came to the right place. I wish you all the success on your journey.

Devin Nguyen · Answer

Christian:

I'd be more than happy to pay the fees for the double closing rather than having the seller see what I'm walking away with on the deal.  I was just trying to find a way around a double closing.  I've heard somewhere online about the "Seller Side Only HUD" or something to that effect..looks like it isn't true.  Thanks for your response.

Christian Reyes · Answer

Hi Devin,

I'm curious to see what happens. How would you prevent your seller from seeing how much you make off this deal? Perhaps you can do a double close instead but then you're paying two closing costs.

Devin Nguyen · Answer

Thank you James for the warm welcome James!

Devin Nguyen · Answer

My agreement clearly states that I have the right to assign (if I choose so) it to anyone including investors, other cash buyers, etc...  I'd also mentioned that I will need access to the property next week for my investors to do a walk thru.  He knows....

Devin Nguyen · Answer

Thank you very much for the warm welcome, Anthony!

Brian Pulaski · Answer

@Devin Nguyen does the seller think you are the buyer, or does he know you are selling it to someone else and making money? If he thinks you are the buyer and has a short fuse... good luck, sounds like a recipe for a BAD situation.

Devin Nguyen · Answer

I'm assigning the deal to my cash buyer.  My goal is to NOT let the seller see what I will be making on this deal because he has an "extremely light fuse" (sort to say) that can explode and just walk out on the deal seeing that I'm walking away from the deal with 3-times more than him.

Devin Nguyen · Answer

Thank you for the warm welcome...