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Updated over 10 years ago,
What to do once a property is under contract
Hi All - I have some questions about wholesaling, more specifically what to do once a property is under contract. I feel like I understand the basic steps and process of a wholesale deal (Advertise, get properties under contract, market/find a buyer, assign contract, close the deal), where I get hung up are the details of Marketing and Assigning phase. These may seem to be trivial questions, but sometimes having answers to simple questions helps the most.
1. When we're advertising a property to wholesale, do we disclose the address? or just the repair costs/ARV/CapRt/pics/etc? at what point do you advertise the address?
2. Do you typically do walk-throughs with a buyer? or will they buy based on pics alone?
3. Is the seller there when you do a walk-through?
4. Should you give a buyer the sellers name/contact info at any point throughout the process? even once assigned, or do you always act as a liaison.
5. If it is a Section 8 property, should that be included in your marketing?
6. Does the seller find out how much you're making on the deal at any point?
Basically, I'm looking for a more step-by-step, methodical approach for finding a buyer and assigning a contract. Thanks!