All Forum Posts by: Sabrina Kane

@Shawn Crawley Thank you Shawn for your kind words. 

You can market on zillow thats where alot of buyers will be swarming around. Craigslist as well

And of course as you are building your buyers list- blast your buyers list. 

We'll said @Jeff Rappaport thats the Atomic bomb close to get nearly any seller to say yes and contract the deal with you. 

Good explanation of the deal. 

Only thing i would add in is

1. Make sure the sellers knows you intend to market, sell and or assign this deal to make a future profit. (Special provisions) 

2. Make sure your seller is open and available to allow you to show the property as you need

@Janet Thaxton sometimes you will find that some "buyers" are really cowholesaers. So you have specifically ask them. You would not want a cowholesaler tieing up your deal just because they showed proof of funds. 95% of true buyers will have no problem putting down earnest money to lock in the deal. 

I always require it, and if its a large deal then proof of funds in addition to earnest money.

So ask this buyer

Are you the buyer or are you co wholesaling (bringing a buyer to make a profit from the sale)  ?

I'll inbox you a deal

Stick to your numbers @Benjamin Blackburn. Dont become a motivated buyer ! LOL

Usually I just press upon the fact that, hey seller this is my final and fair offer. Im a cash buyer and i beleive you will enjoy the selling process by doing business with me. 

Just last month i had 2 sellers call me back after telling me no! They said they had a good feeling about me.

Sometimes you have to remind sellers its not about the most money always, its about a fair price and great experience and honest deal. 

I forgot to tag you in the post - @Dawn Guyton and @Kenny Lewis  ^^^ Read Above. 

So heres how it goes- 1. Find a potential deal by using the many ways of online and offline marketing to find a motivated seller 2. Once you find and talk to a motivated seller, do your due diligence and make its a deal, by evaluating the offer price, seller asking price, repairs needed, the value of the home after repairs are done (ARV) Calculate how much you want to make on the deal and also calculate your end buyers need to profit as well. If the deal has enough spread to be wholesale and everyone is happy move forward. If the deal is tight because the owner is upside down on payments you will have to think about using another exit strategy like a subject to. Since we are talking about wholesaling i will stay in this lane and lets say the deal looks good to be wholesaled. Move forward. 3. Make your offer to the seller 4. Seller may counter your offer 5. Counter back to make an agreed purchase price. 6. Go see the seller or send the contract using docusign. Get the contract signed . 7. Decide if you will double close or simply assign the deal and use none of your money. The new buyer will pay closing and his money will be used to close the deal. The seller profit will come from the new buyers money and your wholesale fee as well. 8.A If you double close you will need to make sure you have a buyer lined up at the closing table. You will by the property from the seller at 1pm for the agreed amount of $70K and use money from a transactional lender. They will lend you money for a few hours to close and you will pay them back plus interest once you resell the property to your end buyer. Make sure you have a buyer that locked in the deal . You will close with the end buyer at 3pm. For the agreed amount of $80k. You keep the difference in profits after the lender is paid. 8B If you are not doing a double closing just assigning the deal you will find the buyer to buy your deal for the same 80K only this time, at closing its the seller/homeowner and the new buyer at closing you are not at closing unless u want to be. The buyer pays closing cost because those were the terms in your contract. At the end of closing you go pick up your check. The proceeds are like this in simple version Homeowner owes 50k on there home. They are asking 70k (means they want to profit 20k) You agree because the number make sense. You find a buyer that will pay 80k - you ask the buyer to lock in the deal with a $2k deposit . The closing cost is $1k The buyer will a check to closing for $80k plus closing cost .$1k The title company will take the 80k and Pay off the 50 loan the seller had Leaving 30K Of the 30K 20 goes to the seller Leaving 10k that goes to YOU The buyers pays closing cost and is credited his deposit back (that 2k that he locked in the deal with) You now skip to the bank and cash that check !!!!

Inbox me - you mean you simply need to check the title on a property for chain of title and liens?

@Yvette Crawford you are very welcome. I help where I can help. Inbox me if you have any questions.

@Mike Nelson  I dont do double closings, because if anything goes wrong in between time with title or other matters, It puts me in the Hot seat because I was the official seller of the property to end buyer (investor) I like to assign because that keeps me out the hot seat if anything goes sour down the road, sometimes the family members lie about listing all the heirs and then it can come back later and explode. The title company will go looking for the SELLER - in my case it would have been the homeowner because I did an assignment . If I had a double close that seller would have been ME- 

Then in turn I would have to recoup my loses some how from the homeowner/original seller. 

Im not certain about the contract type you are talking about, so I cant answer that, I use TREC forms from the Real estate commission. and place my terms in the special provisions paragraph. :)