Is This Correct For Assigning A Wholesale Deal ?
I find a deal thru marketing
A. make an offer
B fax/Fed Ex, the seller a signed purchase and sales agreement (stating any upfront monies will be deposited with the closing agent in escrow)
Offer subject to inspection/partner approval
C the seller faxes me a signed copy and pics
D make arrangements for an on site inspection(optionable)
E submit pic an info on web/or other site
F When the buyer shows up, I request a non refundable deposit and the rest at closing. The buyer agrees, I send an assignment contract and an actual copy of the pur/sales agreement. the buyer sends me a deposit and a signed copy of the assignment contract.
G I make arrangements with a closing agent to handle the close.
H the closing agent pays the seller and sends me a check for my remainder
Did I miss something or have I been reading too much?
Please help!
[ Edited by theregisterfiles on Date 07/16/2010 ]
Thank you very much!
It will be much better using one form so that later it will be much helpful.
All these points that are given above are worth seeing and it will be much better for me to get the approach here. It will be quite necessary for me getting better resources that will be thus done correctly.
Adding the value is what required a lot and with proper understanding it will be very easier for you getting deals.
Transactional funding is all about the transaction. I assume you are the middle man, or party B of the A-B-C transaction. Credit scores, etc., will be the problem of your end buyer (party C) and I doubt the transactional lender will care about your score. Try to verify with a transactional lender ahead of time just in case... but putting together and executing the deal (the transaction) is by far the hardest part.
For getting started in real estate it will be really beneficial for you knowing everything which is necessary to implement at the time of getting into contacts and accordingly knowing what is required.
You can also use transactional funding to buy the property as long as you have an end-buyer in place. It works best if your end buyer is a cash buyer. That said, there are programs out there that will work even if your buyers is getting a loan and even if the buyers bank requires the title to be seasoned.
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John Massey
[ Edited by jfmlv1950 on Date 02/20/2010 ]
Thanks Acquity & Brianandlesley.
Today, I registered with a funding company that I will be partnering up with that provides funds for all types of properties.
Wish me luck.
Quote:
On 2010-02-18 14:53, AcQuity wrote:
You can also use transactional funding to buy the property as long as you have an end-buyer in place. It works best if your end buyer is a cash buyer. That said, there are programs out there that will work even if your buyers is getting a loan and even if the buyers bank requires the title to be seasoned.
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John Massey
<font size=-1>[ Edited by jfmlv1950 on Date 02/20/2010 ]</font>
Transactional funding will be much better way of buying property and it is being done today by several people.
Plug in the values to the Proforma-nator tool.
That should help you analyse the deal much better and provide you with a CAP rate.
http://www.thecreativeinvestor.com/modules.php?name=Tools&op=ProForma
It will be much better to get rental homes from some reference so that later it will be more easier knowing what is better to the best deal.