Wholesaling question

[Kenya Curtis]

Good Afternoon, I need help. I am working on my first wholesale deal and I need a clearer understanding on assigning the contract. Does anyone have time to help me with this? Thank you

[Adrienne Bryson]

If you are planning to assign the contract you will not actually be buying the property.  You will sign the contract with the seller, then assign the contract to the buyer.  The buyer will be the one going to closing.  You don't deal with closing costs.

If instead you prefer to do a double close, you would be going to closing and buying the property, then reselling to a buyer.  In that case you would have to most likely at least pay costs for the first closing (your purchase), then have the end buyer cover that closing.

Either way, who pays closing costs is all up to how the contract is written.  Most of the time either the seller and buyer split closing costs or the buyer covers them all.  It's really up to you when you draft the agreement.  A big incentive for my sellers is that there is NO cost to them so I have all my contracts written that buyer pays all closing costs.