Can someone walk me through the escrow process with wholesaling
I'm a new investor who plans to wholesale in Phoenix AZ (I know I know, its a very competitive market there -- however it's the only place I'm familiar with).
So I've done a lot of research and think I understand the granular process up to the assignment contract. Let's say I find a buyer -- what are the detailed next steps?
From my understanding, I have to get an assignment contract (preferably from a lawyer) and sign that with the buyer. Then I call and find an escrow company/title company, and present to them the purchase agreement and the assignment contract. So do they then set up a meeting in person on the day of closing between me, the seller, and the buyer? Do I just show up at the title company and they hand me a check? How does the buyer pay the title company? Does the title company contact the buyer directly or do I have to tell him all the info?
In addition, how much time do I have to find an escrow company before closing? Let's say the house is set to close tomorrow, can I call an escrow company up today and say I just got an assignment contract, can we have a meeting tomorrow to distribute the funds?
Clarification on all these legal shenanigans and money transfer would be great, thanks everyone!