Rookie Questions - Wholesalers

[Konnea Mcandrew]

I'm a brand new wholesaler so I have a lot of rookie questions. Please let me know if I have the steps right: After analyzing the property, a wholesaler would:

1.  Visit the Property

2. Negotiate with a seller for a discounted rate

3. Send an offer letter on the property (and possibly proof of funds)

4. Conduct a home inspection (who pays for the home inspection, the wholesaler, or the end buyers?)

5. Put $1,000 in Escrow with your Closing Company as Earnest Deposit for The Purchase (who provides the earnest money, wholesaler or end buyers?)

6. Review and Sign a Purchase Agreement and Assignment Contract (Based on this template  https://judicialtitle.com/pdf/AssignmentContractPurchaseReal...the assignment is signed by both the wholesaler, the end buyers and the seller. So, generally, do Wholesalers have the seller sign this document initially and then once they secure a buyer, the buyer signs to complete the document?)

7. Reach out to your cash buyers network about the property

8. Buyers visit the property

9. Negotiate a purchase price for your buyer

10. Buyer sends an Offer Letter (and possibly proof of funds)

11. Buyer reviews and signs the Assignment Contract and is provided the Purchase Agreement (does this mean that the end buyers does not have to pay any earnest deposit costs or home inspections?)

12. Buyer wires funds to closing company (if buyer is using hard money/private lenders, how is this notated in the deal. For instance, there are often mortgage contingencies, are there any contingencies for hard money financing?)

13. Funds distributed to wholesaler and seller minus closing costs (I'm very confused here. In double-closings, once the funds are wired, the closing company pays the seller, the wholesaler and keeps their fee. How does it work in a standard wholesale deal? I understand that if not a double-closing, the wholesaler fee/commission is itemized on the buyer's..."HUD" or Purchase and Sale Agreement? Is this itemized/line item number disclosed to the end buyers prior to closing?)

Sorry for the rookie question, hopefully I can get this sorted out soon!