Locking up My REO Buyer cont.pt 2

Bird Dogs, Wholesaling
1

1.) The bank accepted my offer ,i signed the addendem and faxed them back ,but i still dont have it under contract yet right? until i get escrow instructions,then ican bring my buyer to the house sign the contract ,and get the deposit.

2.) Since i have not dealt with this guy he will most probley want it held in ecrow(we are in Cali) how do do that my title co the banks?? Explain>?
so the deposit is mine and the fee is held in escrow?

2

Once you have a signed purchase and sale agreement back from the bank you have it “under contract”. As for your buyer all you need to do is collect a down payment from them and sign a contract with them. You really don’t need an escrow from you to your buyer. The deposit should be non refundable.