How to close on wholesale deal?

3 Replies

Hello

In the process of closing on a wholesale deal, how do i close on the deal with the wholeseller.

1. How is money exchanged?, escrow or certified check?,lawyer?, cash?

2.  Do I involve  lawyer?

3. what are the things should I look into before signing contract or even officially buying?.

4. Should I run the deal by a title company?

 Sorry for the stupid question, just something that been bothering me. Only thing  I am only pulling up is how to be a "wholeseller" but how do I buy from a wholeseller fast yet cover my basis. I understand there are some risk, I am okay with that. But I am trying to put all my ducks in a row if makes sense before taken action. 

I don't know how it works in Rhode Island (title co or lawyer) but in Florida we can do either. But to answer your questions 1) Either by wire transfer or cashiers check

2) Maybe depends on your state

3) The condition of the property, how much you can buy it for, what is the ARV, many more questions.

4) YES

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If you are buying from a wholesaler it can work several ways.  You can pay him at the closing, usually with certified funds if you do not have a previous relationship with him, or you can simply purchase his agreement prior to closing and you are the party executing.  

A closing attorney will order the title prior to scheduling a closing, and should offer you title insurance.