Skip to content
×
Try PRO Free Today!
BiggerPockets Pro offers you a comprehensive suite of tools and resources
Market and Deal Finder Tools
Deal Analysis Calculators
Property Management Software
Exclusive discounts to Home Depot, RentRedi, and more
$0
7 days free
$828/yr or $69/mo when billed monthly.
$390/yr or $32.5/mo when billed annually.
7 days free. Cancel anytime.
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
Wholesaling
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated over 16 years ago on . Most recent reply

User Stats

4
Posts
0
Votes
Nick Campo
  • Real Estate Investor
  • Orlando, FL
0
Votes |
4
Posts

Oops, never done one and now need to right away, please help

Nick Campo
  • Real Estate Investor
  • Orlando, FL
Posted

Hey Guys
First time here, I LOVE the site.
I'll get right to the point.
I have flipped 4 houses, all recently, all in Central FL and all went well :)

I have two more I'm working on and I had some REO offers out there.
I got a third offer accepted but I do not have the manpower to do it and I'd rather do my other two well than three badly so I want to wholesale this one.

Here it is.

I put an offer on a 4/3.
My offer of $180K was accepted
The appraisal came back (ARV) at $370K
I advertised this as a wholesale deal at $220K and have people all over it.

NOW WHAT?

I know I can't assign it so I am going to do a double closing.
What steps do I take next?

Am I right here? (let's assume I have a buyer)

I go get my buyer to sign a purchase contract?
I get a deposit from him which goes to my agent for escrow?
I make sure the closing company already selected by the selling bank can do a double closing or if not I find one who will do a double closing as a courtesy closing?
We all go to closing, it double closes, I get paid?

Maybe I should have left out the guess questions.
Am I on the right track though?

I have a closing date on June 20th.

Any help would be very much appreciated. Oh, and do I have to pay any fees etc?

Thansk so much

Nick

Loading replies...