Sacramento, CA · Member since 2012 · 29 posts · 0 votes
Hello BP, I'am writing because I'am trying to figure out how the process of wholesaling a property in my city with an out of state owner. Step by step, how does the process work out and when it comes to collecting my assignment fee how does that play out as well?
Super easy;
1. Figure out who is going to be buying the property.
2. Escrow sends instructions to your seller and your buyer. (You need to know step 1 first because the deed the seller will sign needs to have the buyer's name/entity on it.)
3. They both sign and mail back the instructions. Your seller will have to get the deed notarized and I tell them to visit any post office box or UPS type store. Most of them have a notary available.
4. Your buyer sends into escrow enough to close + your assignment fee.
5. Escrow mails or wires the seller their proceeds. They send a closing statement to the buyer and sends or wires you the assignment fee.