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Author Topic: putting house under contract  (Read 1219 times)

Offline Rashuan Williams

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putting house under contract
« on: August 04, 2008, 09:36:55 pm »
When putting a house under contract as a wholesaler, what amount of money do you have to pay, and who pays the closing cost.

Offline matt-gerchow-real-estate

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Re: putting house under contract
« Reply #1 on: August 05, 2008, 05:19:03 pm »
I like to give them $1000 in escrow.

Why? Because the minimum an attorney will want to start a lawsuit against you if you need to back out of the deal is $1,500.

Why in escrow? Because it is protected.

I like to pay the closing costs because it looks good on paper and you are simply passing those on to your buyer in the assignment.  Most times your buyer will have no problem with it.

Another tactic that friends of mine say works well is a very new $100 bill. This way they know they at least have $100 of your money.

I do the majority of my deals through email, fax and mail so this is not easily done.

Good luck

Matt
www.googlefax.org - Learn to send faxes using gmail fax.

Offline Rashuan Williams

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Re: putting house under contract
« Reply #2 on: August 06, 2008, 06:38:45 am »
Hi Mat, the 1000 dollars in escrow goes to the title company or the buyer ?

could the buyer pay all closing  cost

 who obtains the closing cost, is it the title company i am not sure i am a new b to the wholesaling game.

The 100 dollar deal, does that go to the buyer, and how is that arranged on the contract.


Offline matt-gerchow-real-estate

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Re: putting house under contract
« Reply #3 on: August 07, 2008, 09:37:33 pm »
Hi Mat, the 1000 dollars in escrow goes to the title company or the buyer ?

could the buyer pay all closing  cost

 who obtains the closing cost, is it the title company i am not sure i am a new b to the wholesaling game.

The 100 dollar deal, does that go to the buyer, and how is that arranged on the contract.
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The 1,000 goes into escrow "upon acceptance"

The buyer pays the closing costs that you have promised the seller you will cover.

In wholesaling, the closing costs are generally paid by the buyer.

The $100 goes to the seller

Hope this helps,

Matt
www.googlefax.org - Learn to send faxes using gmail fax.

 




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