Locked up first wholesale deal, found a buyer, now what?

[Austin Wood]

Buyer reached out to me saying he works for a professional home buyer and is buying 15 houses a month in my area. He makes full price offer requesting to use his title co. I told him I had to stick to my usual title co. He says ok deal... my question is what happens next. I send him the original purchase agreement I have with the seller, and an assignment contract. He fills the assignment contract out. Then when do I have the seller sign the assignment contract? When do I give the contracts to the title company? Does all of this happen after my buyers inspection period when he decides if he is doing the deal for sure, or does all this happen during his inspection period?

[Erica Larence-Penna]

@Austin Wood congrats! I also locked up my first wholesale deal this weekend. The process depends on the terms of the contract and the offer you have. We went with an offer with no contingencies so that we didn't have to worry about someone walking away after an inspection and we signed the assignment immediately. I'd probably send the P&S over to the buyer immediately so that if they have any issues with it you aren't waiting until after the inspection period to find out.

You don't necessarily need to have the seller sign the assignment, but it doesn't hurt to have them sign it.  I was up front with the seller and she knows exactly what I'm making on the deal, but it can be an uncomfortable situation if they weren't aware or if you're making a lot more than anticipated.

I'd check with your attorney or title company as well and ask them to take a look at everything.