OfflineHi can someone please help me I am new to investing. I have a seller and a buyer property is worth 85,000 seller agrees to sell for 38,000 and buyer agrees to buy at 55,000 i live in a different state how do i get paid as far as do i get buyer to send me a cashiers check and then i fax paper work? and what forms do i use where do i get them from i do have the profit from real estate course that has a disc in it for forms and contracts do i modify these or leave them as is. Are there forms on this site. Thanks so much for any information provided.
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Look to the left for forms and documents. There are several u can use. Or google coastal funding and you could actually do a double closing. They would actually loan you the 38,000 as long as you have a end buyer in place to purchase it for the 55,000.
Seeking overall prosperity in life,
Carlos
Ok. As long as the seller knows you will make a profit, and they are ok with it, you don't need transactional funding. If you didn't want the seller or buyer to know how much you made on the deal, then you can use them but they will charge. I would caution the use of Coastal Funding, because of all the flack they've been getting lately.
You've gotta buyer and seller ready to go? Congrats! OK. You get a purchase agreement signed between you and the seller for the $38k. Then, you need the assignment contract stating the buyer agrees to pay you $12,000 for buying the property from you. If you want to, do another purchase agreement between you and the buyer for the total amount (from your original contract price, + your wholesale fee $12k) equaling $55k. Make sure in the contract, it states the buyer is to pay all closing costs, minus any unpaid taxes, liens, etc. (if the seller owes any back stuff, it will come out of their proceeds. The title company may not need the 2nd, purchase agreement, but it's safe than sorry. Let the title company know who everybody is, and give them their contact information. Once title company is ready to close, ask them to send you a rough draft of the Hud-1 statement. You can review it before closing, and make any changes if needed or correct any mistakes it may have. When everything is ready to go, the title co. will let everyone know when closing is, and when you can get your check. When them being outta state, let the title company know that. They can do everything through the mail or sometimes via fax. With a cash transaction, there's less paperwork to deal with.You can use the docs on your disc, or myself and others have posted sample docs you can use on the website. You can also find sample contracts and other documents on the website, too. (I can't remember where they're at, though)
Good luck, & let us know what happens!