All Forum Posts by: Nick Campo

And thanks for that too :)

Sorry but here's another part to it.

I just got emailed the settlement statement.
Do I now tell my RE agent, Hey here's the real buyer and just introduce the new buyer to the agent?

I'm not worried about the extra fees.
The title company doing the closing on behalf of the bank does not do double closings so rather than rock any boats, shall I just tell them that I'd like the package sent over to say ABC title and allow ABC to do the double closing? (I don't really want to request that I select the closing firm to the selling bank now that it's at this point)

Would I be right in saying that the actual selling bank basically thinks they are selling to me but on closing day they will see that Mr. X actually bought the property but pretty much says Oh well, we got paid, we don't care?

Thanks

Awesome, thanks Ryan. I'm glad I was "sorta kinda" on the right track.
Much appreciated, Oh, would I be correct in saying that I would be treating the profit on this as regular earned income and not some other more complicated thing?

Hey Guys
First time here, I LOVE the site.
I'll get right to the point.
I have flipped 4 houses, all recently, all in Central FL and all went well :)

I have two more I'm working on and I had some REO offers out there.
I got a third offer accepted but I do not have the manpower to do it and I'd rather do my other two well than three badly so I want to wholesale this one.

Here it is.

I put an offer on a 4/3.
My offer of $180K was accepted
The appraisal came back (ARV) at $370K
I advertised this as a wholesale deal at $220K and have people all over it.

NOW WHAT?

I know I can't assign it so I am going to do a double closing.
What steps do I take next?

Am I right here? (let's assume I have a buyer)

I go get my buyer to sign a purchase contract?
I get a deposit from him which goes to my agent for escrow?
I make sure the closing company already selected by the selling bank can do a double closing or if not I find one who will do a double closing as a courtesy closing?
We all go to closing, it double closes, I get paid?

Maybe I should have left out the guess questions.
Am I on the right track though?

I have a closing date on June 20th.

Any help would be very much appreciated. Oh, and do I have to pay any fees etc?

Thansk so much

Nick