Updated about 11 years ago on . Most recent reply
Newbee Needs Help Completing Wholesale
My husband and I buy, rehab and sell homes; however, we have a property under contract that has so much upside we should be able to easily wholesale it for a nice profit and still leave plenty of meat in it for the buyer. I've never wholesaled before. After reading everything I could find on this site, I have a few questions. The offer was made in the name of our company only. I did not add and/or assigns (didn't think about wholesaling it then). Here's what I'm thinking: 1) Find a buyer (already have someone interested) and complete an assignment contract and have them give us a deposit - making sure they have sufficient POF. 2) Ask escrow to add the new buyer to the contract. 3) Have the new buyer wire the funds to close escrow. 4) Record a grant deed from our company to the new buyer in exchange for the balance of the assignment fee.
Make sense? Am I missing something? Fyi, I'm located in California.