Virtual Wholesaling - How does closing work?

2 Replies

Hi,

I am looking for some guidance on how closing generally goes for a virtual wholesale deal? I am using an assignment contract. Can I do closing local to me or do I need to do closing local to the property? Can closing also be done virtually? Any info will be appreciated!!

-Allison

Closing has to be done it the state of the property. Yes you can do it virtually. You just have to find a good title/attorney that knows exactly what you're doing. That's the easy part, finding a person/persons to trust with the process ( showings, damage to property, rehab cost, negotiations, documents slightly harder. good luck.

Thank you @Nathan Paisley !

I have all of that done on this first deal of mine! I am blessed with connections in real estate, which is why I chose to get into this virtual wholesaling in the first place! 

Can you explain to me exactly how closing works? I understand I go under contract with the seller for their price then I complete the assignment contract with my buyer for my fee. What exactly and how exactly do I present that to the title company? How do I collect my fee? 

Sorry for the handful of questions. I am very close to finishing this deal but lack that bit of knowledge right now on the final step. Thanks!!