setting up a back to back closing

Bird Dogs, Wholesaling
1

Im doing a deal where I’m using transactional funding and a back to back closing.

What can I do to lock in my end buyer?

2

Hi,

A Contract!!!!!!!

        GR
3

Yep…just get the contract signed and all the trans. funding info over to your closing agent and let him/her handle it from there.

4

just like a standard purchase contract? or is there a specific one that fits better? If so does anyone have one I could use?

5

Go to your local title company and get the contracts that your state is using. Or you could google it for your state and you should be able to find it,

Nate-WI

6

You will lock that buyer in with a P&S agreement + with a $500-$1000 non-refundable binder deposit for taking the house off the market. Then you will be heading over to closing table. The reason why it is non refundable is because, all bets are off with any other buyer. If they decide that they don’t want the home in a week, then you are compensated your lost time with the fee they had to pay to take the house off the market.

Go and call up the next buyer on your buyers list. (Thats if you have one. Please tell me you already have a fat list!)

If you don’t have a list, its fine, you can always build one up like NOW!

7

Hi Delondon,

                I like your thought's, however I want to address an issue?

The state of Arizona where Jesse is from and investing in has this minor point called state law! You see Arizona law guarantees buyer a loan contingency by law right up to moment of closing, and if a buyer pops up and says “I was told by my Mortgage Lender I would get 5.5% and my commitment and closing docks are for 5.75%, I don’t want the property anymore” and decides to back out, he is guaranteed by state law he will get his earnest money back!

Just a minor speed bump. Who pays attention to those little laws anyways?

                                      GR
8

Hello Gold River,

I understand where you are coming from and maybe you are right, in AZ that law may exist. But as a wholesaler, buyers come to the closing table and write a check.

There are no loans involved here. If my buyer has to go and get a loan for the cheap property that he is buying from me, then that is the wrong guy for me. CASH BUYERS ONLY.

I am not talking about buyers that need to go and get a loan for a super cheap wholesale deal.

Cheers,

Delondon