I am still learning the in and outs of wholesaling. I have been shopping around properties for the investors in an area and I have a few deals coming soon. However, I am a college student that’s in a different state (FL) than where I’m handling real estate business (GA). Most buyers would like cash only transactions. How do you close a good deal without actually meeting the sellers and handing him the cash? Do you wire the money through accounts? Western Union?
Your buyer will prob want to go thru a Title company, Buyer deposits the purchase price including ur fee and closing costs, they disburse the funds, make sure the buyer signs ur assignment of contract and u have a signed contract with the seller. After closing, the Title company pays the seller and cuts you a check. I’ve done several out of town transactions and have never been to a closing.
Buying and selling properties is something that can most definitely be achieved if you currently live in a different state. Yes you can purchase real estate without ever coming in contact with the seller, I do it all of the time.
First things first, you never want to give seller cash in their hand for their property. Cash is not traceable. Furthermore you want to make sure that the seller can pass you free and clear title meaning if any liens or back taxes are owed on the property you will be notified by your title company or closing attorney. You will have to go through a title company or use a closing attorney in Ga.
Generally the seller will ask for a deposit…make sure your deposit is held with the title company or closing attorney. You and the seller will come to an agreed upon date to close on the property. Your title company or closing attorney will handle the whole process for you.
Good luck. Hope this helps! :smile
As others have stated above, you never want to close the way you suggested. Always close through an atty or a title company. Even going through one of these avenues, you can still close in a matter of a few days if they rush it for you.