I Have A Wholesale Deal - Now What
i have signed a contract for purchase with a realtor and also have an investor who has signed an assignment for a fee. the realtor is really confused and is skeptical. what do i do now? do i take the contract to my closing atty or do i let the investor take it to one of his choice. what do i tell the realtor?
SOMEONE has to take charge, and it may as well be you...specially when the Realtor is confused.
Tak your contract to your closing agent along with the contract you have with the ultimate buyer. Tell the Realtor not to worry their pretty little head about it. They will be paid at closing, as usual.
If you expect to get paid for your efforts, you need to control the closing.
[addsig]
Make sure you use a title company that is experienced with assignments. They can help you walk through the process. Is your investor experienced? Are you sure he is going to close?
I feel like I am in control at this point but I must stay on top of this deal. In the past I have closed on the properties then sold them within a few days. This is my first through assignment. The realtor at least knows that the contract can be assigned but feels as if she needs to call my buyer to get financing, insurance info, etc. So I do choose the closing atty? What if the buyer wants to use his guy? Do lenders balk at assignments? I assume that the investor must take the original agreement to him right?
First step is to sit down and write out a solid business plan
Ok thanks for the advice/ making a business plane as we speak. do you think it would be worth my intreset to join a real estate club?