4 Basic Wholesaling Questions
Hi I am new to wholesaling and have been having trouble finding the answers to these questions.
1. For both an assignment and double closing, is there anything to protect you from having to buy the property if you can't sell it within the contract date? Like a small deposit to put down in case you can't sell it?
2. People keep saying that they will decide to do a double closing if they know that they will make a lot of money for privacy... but how will they know if this will even happen with the seller if they haven't even signed the contract in the first place, to then go a potential buyer?
3. I read that for double closings that you must go to the title office/attorney on the same date listed in both contracts. If you set the date for 90 days in the AB purchase contract with the seller and you find an investor that wants to close within 20 days with an amazing deal, is there any way to close early?
4. I was reading through a Standard Purchase and Sales Agreement posted on the forums and a question came to mind. If you're doing a double closing with this, who generally gets assigned what costs? If you plan on the investor to be paying the closing costs, do you assign it to yourself in the first agreement?
Buyer Will Pay
A. Closing Costs [ ] Recording fees [ ] Note stamps[ ] Intangible tax [ ] Credit reports [ ] Loan transfer and assumption charges [ ] VA funding fee
B. [ ] Loan origination fee [ ] Loan insurance premium [ ] Loan discount not to exceed_____ [ ] Transfer Tax [ ] Wood Destroying OrganismReport
C. [ ] Appraisal [ ]Survey [ ]Title Insurance Policy __________ [ ]Other_____
Seller Will Pay
A. Closing Costs [ ] Recording fees [ ] Note stamps[ ] Intangible tax [ ] Credit reports [ ] Loan transfer and assumption charges [ ] VA funding fee
B. [ ] Loan origination fee [ ] Loan insurance premium [ ] Loan discount not to exceed_____ [ ] Transfer Tax [ ] Wood Destroying Organism Report
C. [ ] Appraisal [ ]Survey [ ]Title Insurance Policy __________ [ ]Other_________