Got It Under Contract--NOW WHAT??

Question

So........ I just got my first property under contract. Now what do I do?

Can someone please give me the last steps in this process.

Thanks in advance

Michael Ablan · Answer

@Robert Wilson - Well......what was your intention when you agreed to sign a contract that you wanted to buy a house?

Are you looking to wholesale it?  If so, then you better get yourself a detailed scope of work, detailing the cost of the rehab.  Then figure out the ARV of the house if all of the work is done.  Then you can market this to an investor.

Or did you want to purchase it yourself? If so, then get pre-approved by a bank.  Or contact a hard money lender.  Or find a partner who might be interested..

I feel bad for the seller whose getting locked up with you........

Lydia R. · Answer

@Robert Wilson Contract goes to the title company first! Marketing to buyers comes second.

John Thedford · Answer

Close on the property like you claimed you would do

Robert Wilson · Answer

@Lydia T. @Joseph Back Thanks guys! I took the contract to title company Tuesday morning, and found my buyer Thursday evening. I signed the assignment and got the buyer to sign it this morning, and I just sent it over to title. Now I'm just waiting on clear title. Fingers crossed!

Joseph Back · Answer

@Robert Wilson Congratulations! Feel free to DM me if you have any questions that come up.

Lydia R. · Answer

@Robert Wilson Fantastic! I hope it all works out for you!! Congrats!

Joseph Back · Answer

@Robert Wilson We always wait until we have contract with seller and contract with buyer before sending over to title company. Don't want them conducting title search just for me to have to come back to them and tell them we don't need it because we couldn't find a buyer.

Joseph Back · Answer

@Robert Wilson If you are attempting to wholesale the property your next step should be to start marketing it. I would suggest trying to put together a good repair estimate, comps backed ARV and asking price to start sending to potential cash buyers. Great places to post your deal would be local real estate investor or landlord focused Facebook groups and craigslist real estate for sale. I would also recommend to look on your county's tax assessor's website to see if there has been any people or LLCs that have been actively buying properties in that specific neighborhood. For those you find I would recommend skip tracing for their number and then giving them a call.

Jose Flores · Answer

Hey

@Robert Wilson  you have to market the property.  I would video a walk through of the house showing the 20 major components of a rehab and place that video link on Craigslist.  Second, I would call other wholesalers on Craigslist or We Buy Houses signs and tell them that you would pay them $500 if they bring you a cash buyer.  Many time they would love to put it out to their buyers list.  Last, idea is to call for rent ads on Craigslist and ask those landlords if they are interested in buying more properties and that you have a smoking deal.  Hope this helps.  Good luck!

Jeff Carter · Answer

@Robert Wilson Congrats my friend!!

Got It Under Contract--NOW WHAT??

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