Order of Typical Wholesale Transaction

[Doug Price]

To this point I have followed this typical pattern of getting my deals closed once I have a seller:

1. Make a verbal offer.

2. Evaluate the home.

3. Write the contract.

4. Renegotiate the price if needed based on potential assignee inspection findings.

... to assignment/closing we go.

But I have started to think that the better method may be to: 

1. Email or mail a contract as the offer.

2. Evaluate/inspect the property after having the contract. 

3. If needed, renegotiate terms/price based on inspection findings that the potential assignee provides.

... to assignment/closing we will go.

What say you biggerpockets world? Is there a prefered order in wholesaling?

[Laura Alamery]

My process to wholesaling (and my recommendation to investors that I train to wholesale) is:

1. Build a buyers' list first and ask them what they are looking for and make sure they are ready to purchase properties fast;

2. Look for properties matching their criteria;

3. Evaluate the properties and make offers (70 to 85% of ARV depending on supply and demand);

4. Put the property under contract;

5. Put a contingency on the contract to let you market, renegotiate or back out of the deal if you don't sell it within your contingency time frame;

6. Market to your buyers' list first, then broaden your marketing if needed and change ad copy, images, etc.