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Updated over 3 years ago,
Wholesaling Question: Finding Agent/Earnest Money/Title Company
This will be my first question on Bigger Pockets, so sorry in advance because it will also be the dumbest.
I feel like I understand the beginning steps to wholesaling (driving for dollars, direct mail marketing, etc.) and grasping how to find a buyer (find a good deal, and a buyer will come). It's the in-between that is throwing me off.
Say I find a motivated seller, and we agree on a price. I have them sign a Purchase of Sale Agreement stating that I have x days for a due diligent period to both do an inspection (if I choose to do that) and find a buyer. Say the earnest money is $500. If there is no Agent involved - what happens? Do I need to find an agent to represent myself (the buyer) and hope the seller either has an agent or dbl dip with my agent (for a 6% commission), and then find a buyer to assign the contract to? Or do I need to find a title company that will hold my earnest money in escrow/makes sure my sales agreement is legitimate until I find a buyer to sign the contract to? Also, if I found this property via a failed MLS listing - do I reach out to the previous agent or forget them all together?
On top of picking your brains, if anyone could point me in the direction of addition articles, blog posts, and videos - I'd greatly appreciate it.
Thanks!