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Wholesaling

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Ember Meadows
  • Real Estate Investor
  • Columbus, OH
25
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74
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Closing on a Wholesale Deal

Ember Meadows
  • Real Estate Investor
  • Columbus, OH
Posted Oct 8 2012, 13:12

Hey guys, I have a question. I have done several deals already, but have never completed a wholesale deal. Well I have a deal under contract and I have a cash buyer. The deal is I am supposed to contact a title agency to do closing. My cash buyer does know I am making some money on the deal,but doesn't know exact numbers. I contacted a title agency today and they told me they could not close a transaction for me unless I had the money to close first, then after I closed, they could do closing with me and my cash buyer. I have done some research and I have heard there is2 options, a assignment of a option contract or transactional funding. I want to find out what other wholesalers are doing to close? I would prefer not to have to use transaction funding. I am not sure exactly the paperwork for a assignment of a option contract or how that works? For instance I'm not sure if my cash buyer will pay me the option fee before theres even a title search done. Any timely advice would be appreciated.

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