Order of Operation as End Buyer

[Pat Arneson]

Can anyone point me to a step-by-step guide for end buyers working with wholesalers? There are a few things I'm specifically interested --

- Do wholesalers actually enter into a PSA? Or is it a trimmed down agreement (option to purchase)? I'd like to be aware of what the wholesaler's obligations are should they assign us the contract. If it is a trimmed down option agreement, do we then enter into a full PSA with the property owner?

- Assign vs. double close. What is typical? I'm assuming assign.

- Non-refundable EMD: For the most part, we are fine with this provided we receive marketable title. Should this be sent directly to escrow? I've seen posts say it goes directly to the wholesaler, but how do we get that money back should there not be clear title? Based on what I'm seeing in some FB groups (don't intend on buying here), there appears to be a lot of scammers. I'm assuming it works by using this non-refundable EMD or they are simply daisy chaining.

Ultimately, how can end buyers be most protected from fault of the wholesaler or property owner?