hi,
I would like to thank everybody for help in advance.
I think you are great to help out new investors, like me.
Thanks a lot!
Now my question, probably very stupid question, but I could not find an answer so far in the Real Estate books I have…
What is it wholesale and to assign a contract. Is it when I put ernest money and find a buyer, and the buyer actually buys this property?
and, is a short sale is the same as a wholesale?
Sorry againg for stupid questions and thanks for helping us, dummies…
yelena,
I’ll take a stab at your questions.
You asked:
“1) What is it wholesale and to assign a contract. Is it when I put ernest money and find a buyer, and the buyer actually buys this property?”
REPLY:
Well, to ‘wholesale’ is to simply buy REAL low, and sell low(but higher than you are agreeing to pay)
Yes, you can bind a property with a contract and some earnest money, then assign your position in that contract to an end buyer. Before attempting it though, I’d really suggest picking up Bronchicks ‘flipping properties’ book. Cheap, sold here I think, and elsewhere, and will explain several ways to ‘wholesale’ and close deals.
Next you asked:
“2) and, is a short sale is the same as a wholesale?”
REPLY:
A short sale simply means that a lender who holds a note secured by property, agrees to allow the barrower who signed for that note, to sell for less than is owed. The lender takes a loss…and the barrower is not entitled to make a dime.
Again, something you’d really need to read up on to get up to speed.
Jim, thank you so much for your reply. I do need to read some books on wholesaling and sort saling. All I have read before was Carleton sheets, couple books of Kiyosaki and another couple books…
Thanks a lot for the reply and for advising the book on wholesaling!
