I have a few questions regarding the wholesale process.
1. when i get the property owner to sign the contract do i need to have a notary present to confirm the identity? Also if there is multiple names on the property deed do i have to get signature of all those people?
2. Once property is under contract if the cash buyer wants to visit property should i try to avoid buyer and seller meeting? i am thinking the cash buyer might try to negotiate with the seller directly and steal the deal from me.
3. If i use $100 to start the escrow process after getting a signed contract if the deal doesn't close within the allotted time do i loose the $100?
1. You do not need a notary to be present when they sign the contract.
2. This I think is really up to you. They could try and go around you but they would have to wait until your contract expires. If they sign a contract while you have it under contract then you can file a memorandum on the property showing you have the interest in it. Some people do this as soon as they get a property under contract but its up to you.
3. If you put down $100 for escrow it will only be refundable before your inspection period ends. If you cancel the contract after your inspection period the seller can keep that emd. You will have a close date for the entire contract but always put an inspection period in your contract so if you need to cancel it you are able to without any recourse.
Hope this helps!
@Lianna Alcock this is great info. Thanks for the feedback