Wholesale Closing

[Mike H]

This has probably been talked about before, but I haven't found this specific issue...

My question is; do you wait to submit the Purchase contract until you have the buyer sign an agreement contract before sending to a title company, or do you send in the purchase contract first to get escrow started?

The reason I ask is, a fellow investor said you should send the purchase agreement to the title company immediately to open escrow to prevent the seller from going with another buyer who may offer more. What do you guys do and/or think about that?

Also, will title companies ask for Proof of funds to show you can afford the property?

Thanks for your time!