I am getting started in wholesaling and was wondering if anyone can check my sequence of events having to do with the process. I have found many articles and books and tutorials but the details are what are missing. I am assuming my buyer comes with cash...I understand that if loans are involved this may change things. I appreciate any advice. Thanks.
- 1. Get a call from my postcards and talk to seller
- 2.Go see the house
- 3.Negotiate a deal and make an offer
- 4.Offer is accepted and I sign Purchase contract with seller
- 5.Start Title work on property
- 6.Send out information about the house along with comparables to my buyers
- 7.First one who responds that they want the house I sign a contract with them (Assignment Contract) and have them send me earnest money check ($1,000)
- 8.Buyer and I go see the house
- 9.Buyer takes Purchase/Sell contract to Title co to start process
- 10.Buyer sets closing date with title co
- 11.If buyer wants to do an inspection this is done at buyer expense
- 12.If buyer not happy with inspection, can back out but loses buyer’s Earnest money
- 13.I have option at this point of renegotiating with seller based on inspection results or leaving the deal and my own Earnest money with seller and moving on
- 14.House inspection is fine, Buyer and Seller go to Closing
- 15.Buyer brings Cashier’s check to closing written out to Title co for amount owed to seller
- 16.Buyer brings Cashier’s check to closing written out to Title co for amount owed to me
- 17.Buyer brings Cashier’s check to closing with amount owed for closing costs
- 18.Buyer leaves with title to property and Seller leaves with Cashiers check
- 19.I go later and get my Cashier’s check from the Title Co.
