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Updated over 11 years ago on . Most recent reply

User Stats

65
Posts
12
Votes
Stephanie Foret
  • Houma, LA
12
Votes |
65
Posts

How exactly can I make this work? wholesale with terms

Stephanie Foret
  • Houma, LA
Posted

Hello BP community,

I am in talks with a potential buyer on what may be my first deal and am wondering exactly how to work this out.

Deal specifics
-$2000.00 down payment (which I would collect as my fee)
-$800.00 per month for 24 months totaling $19,200
-$37,800 balloon payment
-Total paid $59,000

So here are my questions
-To my understanding I would collect the down payment from the buyer when he signs the contract. correct?
-What contract would be used for this since it is not a lease with option to purchase?
-How does the signing process go?
-Does this need to go through an attorney now, when the title is transferred, or both?
-Once the contract signing is complete I will be able to bow out and let them continue on for the next two years and the title transfer from there? I am assuming I should provide each party with the others information for the following payments and title transfer after 24 months?

Sorry for all the questions I am a bit confused as to how all this would work. Thanks for your time in advance. Any help is appreciated.

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