All Forum Posts by: Mark Lopez

@Walter Roby jr

@Ryan Dossey

True gentlemen and scholars Haha! great advice! 

Do you know how much it costs to submit the paperwork and EMD to the title company and what if my end buyer wants to close at a different title company? I appreciate your help :)

Once you've got your contract signed by the seller, do you take the signed sales agreement to open up an escrow account along with your earnest money deposit, or do you wait until you've got a buyer to begin that process? 

Thank you :)

Hey, @Brian Pulaski

I've only got the signed agreement between myself and the seller. I haven't got a buyer yet, but I do have a list of buyers i'll be getting in touch with soon. The deal was locked down at an awesome price so I just need to know if the signed agreement between myself and the seller along with EMD info need to be submitted into an escrow account or if i have to wait until i've got a buyer to begin that process.

@Ryan Dossey

Hey, Ryan.

I took quite a bit of time educating myself before taking action, but to answer the question, I did get it well under 65% ARV...So hot i'd close on it myself if I can't find a buyer for it. I'm just not sure if i'm supposed to take my signed contract to a title company now along with EMD info or wait till I've found a buyer for it.

It was a $10.00 EMD. I've heard it said that you aren't supposed to do anything in regards to escrow or title companies until a buyer is found. I'm just checking here to verify and get a second opinion.

I recently just got my first house under contract as a real estate wholesaler, but i'm confused as to what my next step is. My plan is to sell the property contract agreement to an investor to fix and flip. I put a $10 EMD on the house and gave it directly to the homeowner. My question is this...Once I have the contract signed, do I have to open an escrow account? Was I supposed to deposit the $10 into the escrow account? If so, how do i go about opening an escrow account to get this started?