The Sales Process: Selling Your Wholesale Deal

Let’s discuss the sales process for selling your wholesale deal, but before we do that, let’s review how we got to this critical point.

Through marketing to find motivated sellers you’ve found a great real estate deal. While finding your deal you’ve been actively building your real estate investors buyers list so that you’ll be able to sell your property quickly with minimal expense.

You’ve placed this great real estate deal under contract with the seller. You’ve used either a purchase agreement or an option so that you have the right to buy the property at a pre-agreed price, for a specified duration of time (either the inspection period or option period depending on the type of paperwork you’ve used). You have the right to assign your rights in your agreement to another investor for a fee. This will be your wholesale fee.

After you gained control of the deal, you started to market it actively to your buyers list. Additionally, you are marketing it using yard signs (if you’ve received permission to do so), CraigsList, direct mail to Absentee Owners, a classified ad in the newspaper and perhaps even flyers to neighbors.

Now you have found an investor buyer who has driven by the property, viewed your photos of the property on your website, checked your comparable sales data versus his own research and is ready to inspect the property. You coordinate with your seller to get your buyer to walk through the property with you. Once your buyer has done that, you both agree that you’re ready to complete the assignment of contract paperwork. This is the paperwork that assigns your rights to buy the property to your buyer for a wholesale fee.

At this time you collect an earnest money deposit, part or all of which you will most likely be giving to the seller to cover your earnest money requirement.

Finally, you will turn in your paperwork, and any other required documents to your closing/escrow agent or title company. With their help, you will receive your wholesale closing fee when your investor buyer closes on the property with your original seller.

Until my next post,

James

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