Boston, MA · Member since 2014 · 152 posts · 63 votes
Hey Guys, I've got a quick question... Well sort of.
I've always thought thought you could only wholesale to an end buyer purchasing with all cash. Well a RE Youtuber recently told me that you can in fact wholesale to an end buyer (possibly retail) with conventional financing. His answer to "How?" was " Release your equitable interest for a fee on the closing statement".
What exactly does this mean when wholesaling/ assigning contracts? Have any of y'all had experience with these sort of wholesale transactions?
Thanks in advance guys! I love what you guys do for newbies like me!
Investor, Entrepreneur, Educator · Springfield, MO · Member since 2009 · 21k+ posts · 12k+ votes
12y
Why don't you link the video.
Yes, a similar question was just answered, it can be arranged by stepping out of the way. Most likely you'll need a clean contract or at least a release and acknowledgement between the seller and buyer. :)
Real Estate Investor · Audubon, PA · Member since 2009 · 13k+ posts · 8k+ votes
12y
@Bill Gulley has given you the direction to take. You get a conditional release from contract on your purchase agreement with the seller, contingent on seller going into contract with the chosen buyer at a higher sales price and contingent on you being paid for releasing. The buyer and seller execute a new purchase agreement. The HUD1 can show the release payment on the seller's side of the transaction so buyer's lender shouldn't care.
Boston, MA · Member since 2014 · 152 posts · 63 votes
12y
Thanks @Bill Gulley for your replies. That makes a lot more sense. I couldn't find the link to the video, but I'll make sure to check if similar questions have been answered next time bill.