1st Deal..

Hi, guys my name is Thomas and I’am going to be doing my 1st wholesaling deal I wanted to ask a few questions so if you could bare with me …

I wanted to know if more investors assign contracts or do a double closing?

During a double closing, I know the purchaser would have to wait while I use purchase monies to purchase the property from the seller but what do I tell him do I tell him? Do I tell him I’m doing a double closing?

And If I’m going to assign the contract to an investor does it need to be notarized? I was told yes.

                          Thank you for taking the time to read this!

Whether you assign the deal or do a double closing is dependent upon a few factors. My preference is to assign the deal, get paid, and get out of the loop. However, if there is a significant spread between my purchase price and my selling price, it would be foolish to let it go for a small assignment fee. In this case, doing a double close would make sense.
And the Assignment document doesn’t require notarization. It won’t hurt to have it done, but it isn’t necessary to make it a legally binding document.

Get it in contract with the Seller on an addendum of the contract that you will get X amt of $$ dispersed out by the Title Company. That way you are just paid out by the company, and not buying it and flipping it per say.

I always just negotiate basically a “finder’s fee” that I charge the buyer, and they usually just cut a check after the close of escrow.