Read my blog: The Truth About Wholesaling!! It’s not easy, or free!!
@Jeff Filali I liked your post "The Truth About Wholesaling!! It’s not easy, or free!!"
@Account Closed When I've purchased properties through a wholesaler, we closed through a title company just like a normal purchase. Same on the ones I've sold wholesale to others. I contracted to purchase the property and sent to title, then if I found another buyer before closing, we either did an assignment contract or did a double close, if not I closed myself, and just initiated another transaction when selling to an end buyer.
@Account Closed I have had wholesalers send me deals .. that they never bothered to check title on. .I pull title only to find out there is more owed on the house than they are asking for it.. LOL.. amateur hour frankly... there are some proficient ones out there but this is a part of the RE game that is dominated by beginners because of the Guru pitches of get money with no money and little work.. sucks them right in..
Nothing could be further from the truth.. especially as markets have firmed.. but some of my vendors still use them a lot.. I see there fee's every week on my huds were I am funding the A and D... usually 1k to 3k per deal.. sometimes more..
I suspect the failure rate for most that get cranked up spend the money on the direct mail and never make a deal is sky high.
I know when I was doing pre foreclosure work and court house steps buying ( when it was still legal on the west coast) I walked into many a house and the old owners just left the 300 letters they had gotten all on a pile on the counter.. I saw that many many times.. I would read them... one thing rang true 90% same damn near the exact same thing so you don't have to be a rocket scientist to realize these are not real... And or I did not realize that every one who was buying a foreclosure like this ( they too were broke once they too lost a house and They too are just there to help the poor family out and god bless)....
the fact is most wholesaling direct mail is simply gross missrepresentations.. IE I am a cash buyer ( when you know they aren't) they will close in 3 to 5 days when you know they can't.. .the inspection clauses a ruse to just get the real buyer through the house etc etc... this is why the states are really cracking down on this ... Texas as you know just passed a new law requiring full disclosure I would love to see the fed's follow suit and even the playing field.. Many sellers really get messed up when they think they have something sold only for the wholesaler to miss the mark can't close and they walk.