Seller under contract, then wait.. what?

4 Replies

Hey BP,

I've been learning a lot from the forums and am now taking actions. Still looking to make my first deal from wholesaling. I've been driving for dollars, sending letters, and meet with owners at a couple properties. Haven't gotten one under contract yet... here's  question; Once I get a seller under contract what's next? Take the contract to a title company right, but say what exactly? Do I just walk in with papers in hand tell them I'm wholesaling and they take it from there? Never been so I'm looking for what to expect and steps to take.

Thanks all for any feedback. 

I would probably wait until I had a buyer first unless you are planning to buy the property if you find a buyer or not. 

Once you have a buyer then take the papers down to the title company and explain what you are doing. I would not use the term "wholesaling", they won't necessarily know any investor terms like that. Keep it simple, show them you have it under contract and that you assigned the contract.

Originally posted by @Joe P. :

I would probably wait until I had a buyer first unless you are planning to buy the property if you find a buyer or not. 

Once you have a buyer then take the papers down to the title company and explain what you are doing. I would not use the term "wholesaling", they won't necessarily know any investor terms like that. Keep it simple, show them you have it under contract and that you assigned the contract.

 Got it! Thanks Joe

@Anthony Frank Make sure when you write your contract that you don't give a time frame for when you have to deliver the contract to the title company. Some contracts have where you put title company information on it becareful. Also when you get a deal an easy way to find a buyer is to post to craigslist that you have a investor only deal and give very vague details so they have to email you back or call. Then verify they can close the deal before you make the deal. Good luck

Originally posted by @Joshus Light :

@Anthony Frank Make sure when you write your contract that you don't give a time frame for when you have to deliver the contract to the title company. Some contracts have where you put title company information on it becareful. Also when you get a deal an easy way to find a buyer is to post to craigslist that you have a investor only deal and give very vague details so they have to email you back or call. Then verify they can close the deal before you make the deal. Good luck

 Thanks for the great advice!

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