House Under Contract...Now What?

[Mark Lopez]

I recently just got my first house under contract as a real estate wholesaler, but i'm confused as to what my next step is. My plan is to sell the property contract agreement to an investor to fix and flip. I put a $10 EMD on the house and gave it directly to the homeowner. My question is this...Once I have the contract signed, do I have to open an escrow account? Was I supposed to deposit the $10 into the escrow account? If so, how do i go about opening an escrow account to get this started?

[Walter Roby jr]

I second everything @Ryan Dossey said. Congrats on getting it under contract for $10 if it truly is 65% ARV less repairs.

1. (Depending on State) Find Escrow/Title Company that handles Assignments and/or Double Closings.

2. Give them new $10 EMD so it is valid in their eyes. Forfeit the original $10 to the seller.

3. Market Contract to investors on BP, REIAs, local Landlords on GoSection8 or For Rent websites.

4. Schedule Inspection with interested parties.

5. Collect Non-Refundable EMD from winning investor along with Assignment contract or new Purchase Agreement with you as seller.

6. Submit new contracts to escrow.

7. Close.