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Updated over 11 years ago on . Most recent reply

User Stats

55
Posts
4
Votes
Shaka Farrier
  • Norfolk, VA
4
Votes |
55
Posts

What happens after the wholesale transaction?

Shaka Farrier
  • Norfolk, VA
Posted

Lets say a house for sale and under contract is occupied by either the owner or tenants. After the contract assignment or double closing is complete what happens? Is there a certain time period given for the family to move out? If so, is that time period before or after closing?

I've been reading about the wholesale process for a while now and the story usually ends at the closing table. No one ever mentions the occupants in the homes and what happens to them if the wholesaler is or isn't able to sell the house.

Wholesalers usually double close to keep their profits confidential. How much do escrow companies change for assignments and how much of a difference would it be to do a double closing. I do realize that price may vary by company and state but a ball park on these charges would be helpful when having to decide what type of closing to choose.

If a double close is chosen and its an occupied home, wouldn't it backfire on the wholesaler if he/she is trying to keep the seller and end buyer apart. I would imagine that a wholesalers job is complete once the money is exchanged at closing.

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