Oops, never done one and now need to right away, please help
Hey Guys
First time here, I LOVE the site.
I'll get right to the point.
I have flipped 4 houses, all recently, all in Central FL and all went well :)
I have two more I'm working on and I had some REO offers out there.
I got a third offer accepted but I do not have the manpower to do it and I'd rather do my other two well than three badly so I want to wholesale this one.
Here it is.
I put an offer on a 4/3.
My offer of $180K was accepted
The appraisal came back (ARV) at $370K
I advertised this as a wholesale deal at $220K and have people all over it.
NOW WHAT?
I know I can't assign it so I am going to do a double closing.
What steps do I take next?
Am I right here? (let's assume I have a buyer)
I go get my buyer to sign a purchase contract?
I get a deposit from him which goes to my agent for escrow?
I make sure the closing company already selected by the selling bank can do a double closing or if not I find one who will do a double closing as a courtesy closing?
We all go to closing, it double closes, I get paid?
Maybe I should have left out the guess questions.
Am I on the right track though?
I have a closing date on June 20th.
Any help would be very much appreciated. Oh, and do I have to pay any fees etc?
Thansk so much
Nick