Real Estate Investor · Member since 2010 · 15 posts · 0 votes
What is the best way to work with wholesalers when I have cash buyers? For the following: Make sure I get paid, the easiest & smoothest way to do this transaction(regarding signing contracts & assignments) & finally showing the property?
What is the best way to work with wholesalers when I have cash buyers? For the following: Make sure I get paid, the easiest & smoothest way to do this transaction(regarding signing contracts & assignments) & finally showing the property?
Thanks,
Michael
The easiest way to make sure you get paid is to be on the assignment addendum to the contract, and finally to be on the HUD closing statement. Then tell the title company where to wire your money.
Showing the property is easy if its vacant on lockbox. Simply get the code from the wholesaler or investor. Otherwise ask the wholesaler how to schedule your end buyer for a walk through. If you dont know and trust that wholesaler, then you want to be there for the walk through with the end buyer.
sometimes Assignments wont be accepted when offloading the the property to a cash buyer when you are the Birddog. what I have seen work is some kind of marketing fee paid out to you at close of escrow. You might want to check on what is accepted in that property location.
What is the best way to work with wholesalers when I have cash buyers? For the following: Make sure I get paid, the easiest & smoothest way to do this transaction(regarding signing contracts & assignments) & finally showing the property?
Thanks,
Michael
What is your role in these deals? You're brniging cash buyers to work with other wholesalers, or you're planning on wholesaling deals yourself?
The easiest way to get paid is to become a wholesaler yourself and not try to put yourself in the middle of other people's deals. It certainly is a way to make some money, but it won't be long before one of the two goes around you and buys or sells direct.
Originally posted by Jimmy CThe easiest way to make sure you get paid is to be on the assignment addendum to the contract, and finally to be on the HUD closing statement. Then tell the title company where to wire your money.quote:
Could you elaborate on this? the only "entry" I am aware of is placing "OR ASSIGNEE" on the contract so that you're able to assign the contract (flip) to someone else... How do you (and where) do you put yourself on it?