All
Members
Companies
Blog
Forums
Podcast
Webinars
    User Log in  /  Sign up
  • Forums
    Newest Posts Trending Discussions Followed Forums Real Estate News & Current Events General Landlording & Rental Properties Buying & Selling Real Estate Deal Analysis See All
  • Education

    Read

    BiggerPockets Blog BPInsights: Expert Analysis Guides Glossary Reviews Member Blogs

    Watch

    Webinars Video Library Financial Independence Blueprint Intro to Real Estate: Rentals

    Listen

    BiggerPockets Real Estate Podcast BiggerPockets Money Podcast BiggerPockets Business Podcast Real Estate Rookie Podcast Daily Podcast (Audio Blog)

    Topics

    Business Operations Finance Finding Deals Property Management Property Types Strategy
  • Network

    Recommended Vendors

    Real Estate Agents Mortgage Lenders Hard Money Lenders Insurance Contractors Investment Companies Build Your Team

    Search

    Members Events Jobs
  • Tools

    Calculators

    Rental Property Fix and Flip BRRRR Rehab Estimator
    Wholesaling Mortgage Payment 70% Rule Airbnb

    Services

    BPInsights: Property Insights Tenant Screening Property Management Lease Agreement Packages

    New Feature

    BPInsights (beta)

    Quickly analyze a property address or ZIP Code to compare your rent in your neighborhood.

    Analyze a property
  • Find Deals
    Real Estate Listings Find Foreclosures External Link Ads, Jobs, and Other
  • Bookstore

    Real Estate Books

    Profit Like The Pros Bidding to Buy See all books

    Featured Book

    BiggerPockets Wealth Magazine book cover
    BiggerPockets Wealth Magazine

    Written by financial journalists and data scientists, get 60+ pages of newsworthy content, expert-driven advice, and data-backed research written in a clear way to help you navigate your tough investment decisions in an ever-changing financial climate! Subscribe today and get the Oct/Nov issue delivered to your door!

    Get the Magazine
  • Pricing
Log In Sign up
User
Quick search links
Podcast Hard Money Lenders Books Washington
ForumsArrowReal Estate Wholesaling Questions & AnswersArrowWhat happens after I get contract signed wholesale
  • Newest Posts
    • Newest Posts
    • Unanswered Discussions
  • Trending
    • Top Discussions
    • Trending Discussions
  • Browse Forums
Search Nova
Create post

What happens after I get contract signed wholesale

1 Reply

  • Share on Facebook
  • Share on Twitter
  • Share on LinkedIn
Rotate Log in or sign up to reply
user profile avatar
  • Posts 39
  • Votes 4

Jeremiah M.
from Saint Louis, Missouri

posted about 3 years ago

I've been doing this for a while but have only had one deal closed with the help of a partner. So I'm not sure what happens after you get the contract signed. My partner signed for the contracts with 1000 down but I don't have that much to put down. Do I wait for my buyer and do it or does that physically come out of my pocket with the deposit. How would that work. Also I've had some that want to call the title company right then and there. Simply put what steps are taking when it comes time to sign the contract and immediately as far as calling and deposits

Rotate Log in or sign up to reply
user profile avatar
  • Posts 807
  • Votes 272

Marvin McTaw
Rental Property Investor from Atlanta, GA

replied about 3 years ago

@Jeremiah M. can you clarify if you are talking about signing an agreement with the Seller or with the buyer? I think you're referring to the buy-side A to B transaction with the Seller. In our standard purchase and sale agreement, we have a window of time before we have to deposit the earnest money. It can be as small as the next business day or as large as the day before closing but we try to remain reasonable and not waste people's time. To cover for the earnest money though, we try to keep some cash in the escrow account of our closing attorney to make sure we're covered.

As far as your buyer's earnest money funds, those funds are technically separate and as far as I know (and I could be wrong) you're not really supposed to touch them, especially not without their permission. Now, you could work something out with the buyer which says a portion of the funds are immediately available regardless of the outcome so that you could use that money for the A to B Earnest Money Deposit but you would likely need to have a pre-existing relationship with the buyer in order to do that. 

Let me know if I've misunderstood what you're asking about so I can further clarify.  

Rotate Log in or sign up to reply
  • 1
Related Resources Real Estate Wholesaling Questions & Answers
How To Land Quality Deals While Working With a Wholesaler
Opinion: I Don’t Trust Anyone Who Wholesales—Here’s Why
The Key Phrase in Wholesale Contracts That Could Cost You
Betting on Wholesaling: One Couple’s Journey Into Joint Investing
4 Common Myths About Wholesaling—Debunked
Resources Read, see, and learn more!
Link Real Estate Investment Calculators
Link BiggerPockets Blog
Link Path to Purchase
Link Mortgage Loans
Link Find a Contractor
Link Real Estate Agents
Link Hard Money Lenders
Link Real Estate Listings

Top Contributors

Jim Pellerin
Jim Pellerin
Ottawa, Ontario
8.36
Score
Will Barnard
Will Barnard
Santa Clarita, CA
6.8
Score
Joe Gonzalez
Joe Gonzalez
Houston, TX
3.59
Score
Jay Hinrichs
Jay Hinrichs
Lake Oswego OR Summerlin, NV
3.34
Score
Reece Iovine
Reece Iovine
Columbus, OH
2.8
Score

Real Estate Wholesaling Questions & Answers Trending Discussions

  • Real Estate Wholesaling Legal Issues
    1 Replies
  • Need help with Wholesaling
    1 Replies
  • Your best or most successful form of list for wholesaling
    4 Replies
  • Wholesaling (WI Area)
    7 Replies
  • Wholesaling in New Jersey
    4 Replies
Log in Sign up

Log in

Forgot password?

If you signed up for BiggerPockets via Facebook, you can log in with just one click!

Log in with Facebook

Or
btn_google_dark_normal_ios Created with Sketch. Continue with Google

Let's get started

We just need a few details to get you set up and ready to go!

Use your real name

Use at least 8 characters. Using a phrase of random words (like: paper Dog team blue) is secure and easy to remember.

By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.

Or
btn_google_dark_normal_ios Created with Sketch. Continue with Google

Why create an account?

Receive a free digital download of The Ultimate Beginner's Guide to Real Estate Investing.

Connect with 1,000,000+ real estate investors!

Find local real estate meetups and events in your area.

Start analyzing real estate properties, we do the math for you.

It's free!

Explore

  • Membership
  • Community
  • Education
  • Marketplace
  • Tools
  • FilePlace
  • REI Resources
  • Perks
  • Glossary
  • Reviews
  • iOS App
  • Android App

Company

  • About Us
  • Press
  • Advertising
  • Careers
  • Stats
  • Contact Us

Important

  • Editorial Guidelines
  • Terms of Use
  • Rules
  • Privacy
  • FAQ

Social

  • Facebook
  • Twitter
  • YouTube
  • Instagram
© 2004-2021 BiggerPockets, LLC. All Rights Reserved.