I need help on my first wholesale deal!!!

8 Replies

Hi guys, I have a potential deal on a property but we haven't signed a purchase and sales agreement yet. I also reached out to some of the investors and they seem interested in it but how do we go about with the transaction? Regarding, earnest money, opening escrow and closing cost? Can you guys give me some advice on how to proceed and what do to next? I'm in Anchorage Alaska and I couldn't find much wholesalers to learn from, any input would be much appreciated.

Get the seller to sign the purchase agreement, let them know you need it to at the very least do a title search
.make sure your title company does assignment or double close or whatever
.title comes back clear go back to buyers with your price
.get assignment signed
.submit to title
.set closing date
.get paid

Call a local title company and ask them to walk you through the process. If you don't have the tools to do this on your own, you need someone on your side locally who has access to contracts and knows local laws and regulations. Title companies usually offer this type of advice at no cost in the hopes that you will close with them. Good luck!

@A Xiong Jorge hit the nail on the head.

Do you have a purchase and sales contract yet that will allow you to assign? If not, your first step is to get a solid contract. Not as hard as it sounds. I would recommend an assignment contract.

Great advice you've received. But I would stop talking about the property to other rehabbers. Hopefully you didn't give away an address. Once they realize you don't have it under contract,  a lot of them will go behind you and lock up the deal.