Re: I found a Buyer for a Wholesaler. Can I sign with Buyer as Seller then Assig
I would ask yhe wholesaler for a small finders fee. I would be very willing to pay anyone who helps to get the deal done faster. Everyone can walk away happy. If wholesaler doesn’t follow through with the agreement don’t do business with him anymore.
You should first secure a JV agreement with your Wholesaler friend. That’ll protect everyone’s best interest.
you can also sign the purchase agreement then assign it to your buyer then pay the other wholesaler his part of the profit tell him what your doing though and you first have to be absolutely sure your buyer is going to close, the person that taught this to me calls it profit stacking because the wholesaler will assign the deal to you then you assign to your buyer
To my knowledge, you cannot sign a sales contract as the seller for a house you do not own.
You can sign a finders fee agreement with the wholesaler for the $8k if you bring the buyer, and the buyer buys at the price of $80k.
yes you can its called doing a double close… I mis-wrote what i meant if you sign the sales contract you can close with your buyer by doing a double closing and paying the other wholesaler his spread… Or the wholesaler can assign the deal to you then you assign to your buyer but with as big of a spread it will end up being who knows if the buyer would want to buy after seeing how much of a difference he would be paying from the original price cause when you assign he can see all of that… to prevent him from seeing what your going to actually make you can do a double closing…
You can’t sign a sales contract with your buyer unless you have it under contract with the original seller.
Or what you can suggest to your wholesaler is he assigns the property to you and you then assign it to your end buyer, that way everyone walks away from the table happy and protects everyone’s interest in the deal.
Hope this helps! :smile
I know this post is a bit late, but I would sign with the wholesaler, then take it to the title company to receipt it…then the same day, sign with the end buyer, then also deliver the contract to the same title company.
What you could do is have your wholesaler assign you the deal with a simple one page assignment. Then you can do another simple one page assignment to your buyer with your fee on there. This way everyone picks up a check at closing. Everyone involved in the transaction will be on the HUD 1 settlement statement, so it seems legit. This works well if you don’t have an established relationship with the wholesaler.
Hope this helps :smile