Hi, I'm Eric, a wholesaler from new bern, nc. I have a property that i want to wholesale to a buyer in New York. My question is, once i send him the AOC and get it back with his signature, do i then tell him to wire half of the assignment fee to attorney here in state before proceeding forward.? Any tips are appreciated. Thanks
@Eric Tunby I was able to find this for you off BP. Hope it helps.
"First, when you find your buyer (via Craigslist ads, Zillow, email marketing etc.), you should require a nonrefundable earnest money deposit.
Having the buyer furnish an nonrefundable earnest money deposit secures your position in making a profit. This money will become yours whether the transaction closes or not. The earnest money can be as much or as little your require within reason. I’ve seen deposits of hundreds of dollars up to $5,000. When the buyer deposits the earnest money, you then know that your buyer has a real interest in the property and is willing to move forward. This fee is normally held by the title company or the closing attorney."