OfflineI contacted a cash buyer and he was extremely interested in what I had to say. I'm new at this and still a little nervous. Anyway, he asked me how I got paid. Does anyone have an excellent, encouraging and optimistic way of answering this question to the cash buyer???
Thank you again, in advance.
Karen
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how you get paid is by wholesaling the prop over to them, either assigning it to them or double closing it & charging a fee upfront non refundable either a part of it or all of it & the rest out of escrow.
So if you wholesale a deal to your buyer & you charge 10k, you could ask for 2k upfront non refundable & the rest out of escrow or just charge 10k upfront.
Basically investor wholesalers have gotten paid out of escrow when they have gotten paid & not upfront but it is better now to collect something if not all the fee upfront to ensure that the buyer will perform & not back out & give you a bad reputation & lose out on the $ too.
You give a stipulation though with the non refundable fee that it is refundable if they cannot close the property due to a Title issue such as a clouded title, other owners that come up on the title search & they have to agree to sell the property & were not notified etc. ok just put that in your agreement ok. hope this helps.
Tony
Go faster do more! GFDM!