whole preforeclosure

[Raven Walker]

Hi, i have been searching for answers on exactly how to wholesale preforeclosures. I havent gotten a a clear answer yet, so maybe this post will help. What is the process of wholesaling pf/fc properties. Also,  I have a real estate agent friend who i am looking to partner with in wholesaling but i am not completely sure of the roll she will play. Im assuming i will need her to do preforeclosure and foreclosed deals but im not exactly sure how. can someone also clarify this for me? thank you in advance.

[Account Closed]

Here is an example of what I'm talking about. You get a contract with a seller, you put a minimum of $10 into escrow to 'seal the deal'. You need some money to legally validate the contract. Now you go out and sell the house to another investor for a higher price. When I am making more than $10,000, I do a double close and either use my buyers money to pay for my purchase. This only works when you find the right title company to do this. If you can't then you borrow the money from a transaction lender for a few hours. This only works if you have your buyer already to close with their cash in the title company. The transactional lender will give you the cash to close.  Your buyer closes and now and the transaction lender will get paid back within a few hours plus their fees and interest.