Question on the wholesaling process

[Jamie Rost]

I am just learning about wholesaling and I wanted to make sure that I understood the framework of the process. From my understanding, the various phases of a wholesale deal include the following:

1. A call is received from home owner as a result of marketing efforts 
2. Provide a range that we (wholesaler) would be willing to offer
3. Review property and required renovations to determine selling price to market to buyers list
4. Get contract signed by home owner
5. Record contract with county
6. Market property to established buyer list
7. Once buyer is interested complete the assignment contact
8. Receive deposit from buyer and put in escrow with title company
9. Set closing date with title company for double close 

Did I miss anything related to the process?

Thank you

Jamie 

[Jay Hinrichs]

Originally posted by @John Horner:

I don't ever record the contract with the county.  Just from an ethical standpoint, I'm sure you contract has outs for you, you should let the seller out if they really want to.  Besides if they decide to hold the property instead of sell, I'm not sure there is much you could do to force them to sell.

recording a contract is a very poor move.. and some counties wont do it.. also do check with state of FLA on marketing properties you don't own.. there are some rules there that need to be looked at.. 

If you cloud someones title on a scheme were you personally do not have the funds to close you could find yourself in a situation where you caused damage to the seller and your liable. 

also its prima facia evidence your selling real estate without a license..