All Forum Posts by: Ryan Todek

I am wondering how i go about getting the wholesale fee with a buyer who is getting a mortgage. I am assuming with an assignment he would have to bring the difference to closing? Also with transnational funding, how do you go about getting the C buyer under contract before closing. The C buyer would be getting a mortgage (conventional) in either case. Thanks again.

~Ryan

Thank you Wayne.

Basically i'm wondering the best way to wholesale when the end buyer is a homeowner getting a mortgage. Thanks.

~Ryan

Good afternoon, BP.

I have a question regarding a wholesale flip that i'm hoping someone could help me clear up.

I am a real estate agent in MI and have a lease on a property with the option to purchase for $190k. The home is now worth $215k. I have quite of few clients who are interested at $215k but these are not investors but homeowners who plan on living there. I was initially planing on getting the property under contract at $190 k and assigning to the end buyer at $215k but then realized they would have to bring the difference to closing which i'm not sure is possible as they would be getting a mortgage for the home and may not have the excess funds. (please correct me if i'm wrong).

I am now thinking transnational funding may be a better rout but am confused on how this will be set up. If I get the home under contract for 190k how do I go about getting the C buyer under contract too? Is it legal to have another offer signed by the C buyer when i havnt even closed with the A seller yet? The C buyer will be getting a mortgage and am not sure how to set that up to close on the same day. Hope this makes sense.

Any help is greatly appreciated.

~Ryan

Not a fan of Auction.com as usually you are bidding blindly. I don't think you are able to get inside before bidding. Most of them are actually bought back by the lender I believe and most sit on the site for years. 

I would write an offer with a 15-30 day due diligence period to obtain city permits and go from there.  Is this a listed property? If they ask why you want 30 days just explain your situation. Hope this helps.