Hi, I’m a beginner in RE. Been learning a lot, attending a lot of webinars, and doing my own studying via YouTube and other resources.
Being so, I have 2 questions about wholesaling. I know there’s a difference between assignment and double closing. Where I’m confused about is “process”.
Question 1: So let’s say, while wholesaling do you need to give verbiage of assignment when finding a motivated seller? Let’s say I have a purchase and sell agreement with the motivated seller w no verbiage of assignment and I get a property under contract, can I take a similar blank purchase and sell agreement to a cash buyer, with me now taking the position of the seller? Then when I close, given its with the cash buyers closing title company/attorney, Can I give them both agreements between myself and the motivated seller and myself and the cash buyer; then they cut me a check? Successfully doing a wholesale deal, and THEN all parties know what’s going on. Almost like an assignment without telling the motivated seller upfront?
Question 2: Once I get a home under contract, what happens when the cash buyer wants to see the property and or look inside? The motivated seller isn’t giving me keys yet cause I haven’t bought the property correct? Or how does this work?
Thx!!!
