Hi,
This is my first wholesale deal, I jumped right into to it. The seller agreed to my terms and signed my purchase agreement. I have 30 days to sell via assignment or double close. All the comps estimate spread of at least $65,000, after 70% of AVR , my assignment fee and repair costs.
The property is in a Great neighborhood In Chicago IL .
I have a data base of over 300 local investors that I intent market the property too.
Now what should be my immediate next step: Open escrow/seek a title company and deposit the signed purchase agreement? File a Memorandum of Agreement at the County Office ?
Or just send out send out my flash message to my prospective buyers, and open Title Insurance after I get a buyer in place.
Any suggestions would be appreciated.
Danni.
Congrats! Order a title search and get the deal out to the market immediately. No need to open escrow til you have a buyer IMO. Filing an affadavit isn’t a bad idea, especially if you think the seller will try to sell it to someone else behind your back, but honestly you don’t even want to be in the deal long enough to worry about that…remember whoever closes first wins. Don’t worry about title insurance, your plan is to never own the house.
Good luck!
I need to know this too. So, this wholesaler will “order a title search”. who is paying for that? what happens after that?
In most cities you can order a preliminary search for $50-75. You shouldn’t worry about the title unless the seller has given you some reasons to worry, otherwise you will be letting your buyer know that they have to do their own due diligence to cover your butt.
so you order a title search but through what company? If you don’t have a buyer under contract and you order a title search through your title company, then the title search basically goes on your tab does it not? I mean, most likely, whoever ends up being the buyer will have their preferred title company so now you’ve got title business with two companies. someone has to pay the bill for the title search.