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!!

Create Lasting Wealth Through Real Estate

Join the millions of people achieving financial freedom through the power of real estate investing

Start here