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I suspect that "sold" means you get an offer and they can sign contracts within 48 hours, not that it will close escrow in 48 hours.
I say that 3 days business days is the fastest to get a property through escrow, if everything is already in order, taxes are not in arrears, and no banks are involved.
So, if you wholesaling, you need to know your buyers. If you have honest to goodness cash buyer and you found a house that exactly meets their buyer criteria (that is, you can call your buyer as you walk out the door and KNOW they will say yes), you can close in a matter of days.
I bet that 99% of these signs that say they can close in 48 hours are nothing but "puffing". Exaggerated advertising to draw people in. Just like restaurants that say "best fried chicken in the state" or bars that say "coldest beer in town".
How fast can you close
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buyer to purchase them? Or is the wholesaler still tied up in some contract with seller "A"? I always wondered about this.
So is this right? When I go on to a wholesalers website, and they have 5 10 properties for sale. Does this mean they own them free and clear (or with whatever creative financing) and they are just looking for another Nike Roshe Run Junior Grey Black White
48 hours is not realistic at all for most people, although it could get done. Title has to be run and closing has to take place it can take anywhere from 2 days to two weeks. You can say what you want on that sign it just a marketing ploy people won hold you too it and if they ask about it just say its only in certain circumstances we are able to purchase your house in 24 hours. Give them the circumstance like say if you owned it free and clear and you already had clean title to it or something like that.
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Originally posted by Mike Tooley:Probably both. Most of the big wholesalers have their own capital to own them outright but I sure they assign a few now and then as well. In AZ its hard to find equity, so most are picked up at auction with cash.
From a signed contract to closing, assuming no lenders (even hard money) involved, you probably could do it in Justin timeline. As soon as you start having to find a buyer, its going to take longer. If that buyer using any sort of loan against the property, even hard money, then you Nike Roshe Women Floral
If banks are involved, add a couple of weeks or even a couple of months to get through escrow.
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Probably both. Most of the big wholesalers have their own capital to own them outright but I sure they assign a few now and then as well. In AZ its hard to find equity, so most are picked up at auction with cash.
So do you just explain to seller A the situation. That you are a wholesaler looking for a buyer for their house?
looking at an appraisal, title reports, etc. If everyone involved in a hard money deal is moving quickly, you might close in a week from the time when you have a fully signed contract. If conventional lenders are involved, figure a minimum of a month.
OTOH, a house about six houses up the block from me was picked up by one of our big local wholesalers. He moves quite a few properties. It languished in his inventory for a month before he dropped it. It eventually sold a couple months later as a HUD to a owner occupant. So, no guarantee you can find a buyer at all.
From what I gathered in other threads here, yes, you should definitely be upfront with the seller about your intentions. In fact, it should be written into the contract so that there is absolutely no confusion about what you are doing. You don want the seller thinking you are taking Nike Roshe Run Mens Blue White Mesh advantage of their distressed situation and getting rich off of their misfortune when they see the assignment fee at closing. Tell them you wholesale houses, you will be finding an end buyer, and you must be compensated for your time, risk, and expenses for running your company (probably mostly marketing). In order for this to happen, they must be willing to sell their house at a steep discount, but you will find them a buyer fast and without financing contingencies so that you can close ASAP. They won have to repair their home or incur any other selling costs for your services. It SHOULD be a win win for both parties. There nothing to be secretive about here.
in 48 hours. Quit claim signed, no $ for the seller.
If you just starting, and don have the cash to close deals yourself, I avoid making any promises.
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