OfflineHey everyone,
I would really appreciate any information concerning a few questions I have. I bonded quite well with Google trying to find the answers (I found some) but if anyone would be kind enough to answer and explain a bit more, I would be very grateful. Currently, I'm trying to learn everything I can about wholesaling, as I'm a bit nervous with the possibility of making a mistake. I apologize if my questions seem a bit foolish.(This is a whole new territory for me).
1) When I'm ready to assign properties that I have under contract, do I use a investor-friendly title company that I'm familiar with? Or do I use the buyer's? If I use my title company, does anyone have any suggestions on how to properly screen a title company to determine if it's right for me?
2) I heard that wholesalers usually collect a non-refundable deposit from buyers to show that the buyer is serious. Does that money then act as earnest money or is it simply for the wholesaler? And if it is considered earnest money, is the check made out to the title/escrow company or the seller? And if the closing doesn't go through for some reason and the deal doesn't go through, does the seller then get the earnest money or is it given to me?
3) This last question is more state-specific. I reside in New Jersey and was wondering if anyone happened to know if I'm also responsible for finding and using an escrow company, or can I just use a title/escrow company. Or do I need to use an attorney instead, along with a title company?
Thank you so much for any advice you can give me.
In Christ alone, I place my trust.
If anyone could answer a few or all three questions, I would be very grateful.
In Christ alone, I place my trust.