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The 8 Step Wholesale

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The Step-by-Step Wholesaling Process

The process of real estate wholesaling can go very quickly if you know what steps to follow. It's only when you are new to a type of real estate investment or a few pitfalls crop up that the process slows down.

Investors that take the time to read house flipping guides and speak with other investors about the process will find themselves well prepared to complete a wholesaling deal step by step. In fact, writing down the steps you need in order to get that real estate wholesaling deal closed is a good idea.

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The 8 Steps

  • Find the Property

    There are lots of ways to generate real estate wholesaling leads. You can put up bandit signs, you can place ads in the newspaper, you can even call local bank and retirement attorneys to see if their clients have unwanted properties they need to unload.

    Once you get a wholesale lead, you'll have to speak with the homeowner over the phone. Collect enough information to decide if the property is a good wholesaling deal and set up a meeting with the homeowner.
  • Get the Homeowner under contract

    When you attend that first meeting with the homeowner, you need to get him or her to sign a purchase agreement with you. This puts them under contract to sell the home to you in 30, 45, 60 or even 90 days, depending on how you've written the contract. That time period gives you the time you need to contact other investors and get yourself a buyer for the property.

    Be sure to explain that you'll be looking for a buyer during the closing period and intend to assign the contract to that buyer.
  • Take the contract to a title company

    After the meeting with the homeowners, take a copy of the purchase agreement to your chosen title company. Let the company know that you'll be bringing in an assignment document and another copy of the purchase agreement at the time of closing. Taking that document now, lets the title company begin the closing process by doing a title search and ordering a home survey.
  • Call potential buyers

    Hopefully, you used your time while waiting for wholesaling lead to build up a buyer's list. Buyers interested real estate wholesaling deals are going to be other investors. Become a member of your local real estate investors group.

    Call local landlords and see if they need another house or two. Even check with your contractors and builders to see if they are interested in a fixer upper. My other house flipping guides will have plenty about finding those buyers. You may have to show the house to the buyers to get their interest.

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The 8 Steps Continued...

  • Take a copy of both documents to the title company

    After the meetings are over, take a copy of the assignment document to the title company so they know a different name will go on the title. You may also take over closing documents, but the buyer may prefer to drop those documents off themselves.
  • Have buyer sign the purchase agreement with homeowner

    Attend that closing deal with the buyer and make sure all the 'I's are dotted and the T's are crossed. In other words make sure that the closing goes smoothly and the homeowner is paid or that the buyer has transferred funds to buy the property into an escrow account with your title company.
  • Collect your 'finder's fee'

    Have the buyer bring a check or cash to the meeting when he or she signs the assignment document. After signing you can collect your fee from the buyer and shake hands. It's a good idea to also set up the closing deal between the homeowner and the buyer and attend the closing too. This way the homeowner feels more comfortable with a different person signing the closing papers.
  • Sign an assignment contract with the buyer

    When you get a buyer for your real estate wholesaling deal you'll have him or her sign the assignment of contract document. This is a simple document that states you are giving up your rights to purchase the property you have under contract to the buyer. In exchange the buyer pays you a fee you've both agreed on before hand.

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ColinEgbert

My name's Colin Egbert and I run www.realestateinvestor.com.  All of my articles are geared toward all things dealing with real estate investing,... more »

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