Timeline

[E. Jacobs]

Can someone briefly explain the timeline of a wholesaling deal? Let's say day one I receive a call and find out there's equity in a property. I make an appointment to go see it the next day, and analyze the comps that night so I have an estimated value in my head when I go see it. I look at the house, and tell the sellers I'll have my offer in... 2 days? 1 day? What more research do I need to do after I see the house to make my offer? Say 2 days later I make an offer, and they accept. I have 45 days to close. When do we open escrow? How easy is it to assign the contract before opening escrow (so you can avoid the closing)? When is a title search done and who pays for it? Once I find a buyer, how do I ensure that they close in time? What if there's 10 days left in the contract period and a hard money investor comes along with my only offer. Is it risky to see if he will get financing in time? Thanks!