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Author Topic: 1st Deal..  (Read 2413 times)

Offline Tis me

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1st Deal..
« on: October 02, 2006, 05:38:05 pm »
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!

Offline AJ290

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Re:1st Deal..
« Reply #1 on: October 02, 2006, 07:58:41 pm »
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.
Two favorite sites:  this one, and
The Naked Investor

Offline jetter2

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Re:1st Deal..
« Reply #2 on: October 04, 2006, 03:53:31 pm »
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 "finderís fee" that I charge the buyer, and they usually just cut a check after the close of escrow.

 




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