I’m a “newbie” wholesaler in WA state. Most of the information that I have, I have pieced together from free webinars, and this newsgroup blog so THANK YOU in advance =)
So apparently this is far easier than I originally thought. I decided to go with the approach “I’ll sell your house for free in seven days or less” and had buyers coming out of the woodwork. I picked a few (ok, 6) to work with who had killer deals ( I can identify a deal). I had already built a buyers list, done tons of research on marketing, and now have properties in the process of receiving their “final offers” in the 3 day bid process. (Just to give you some background). I’m looking at at least 10k on each deal, with a few over 20k. I need a few things answered.
First, the seller signs my contract, I assign it to the buyer and then WHEN do I contact the title company to open an account?
Does this occur when I have a signed sales and purchase agreement from both parties?
What do I tell the title company?
How do I facilitate a closing in another state from WA? (ok, so I picked up a property from AZ for 45k with no real fixing needed (2k) that rents for 1000 per month and the ARV’s in the neighborhood are selling conservatively for 120k, some for 180k).
What are the chances of closing within five days of the sale if the seller requests it and the buyer agrees?
I’ve heard that some title companies are now closing “online” without people being face to face; can someone give me some names of companies that do this?
I’ve read that some title companies can close within 48 hours, any thoughts on who or how?
What happens at the closing table if you are wholesaling a home?
Ok, so obviously I have sellers, buyers, and contracts which I’ve been told is the most difficult part, now I just need the rest of the information. Anyone actually live in WA who can walk me through this? I’ll split the proceeds of the first deal 50/50 if you can walk me through this until I receive my check. Your portion should be at least 5k. Thanks!