We just closed all of the paperwork on House #23 on Thursday. The buyer is a local business man who buys properties for cash. He buys only in good areas and rents them out.
At the end of the day we gave him a good deal and he used his funds to close my escrow and I gave him a notarized copy of the grant deed and he paid me the finder’s fee. The buyer was found through a wholesaler friend of mine’s friend. So three of us are sharing the finder’s fee. But that’s okay.
This is now my favorite way to close escrow on wholesale deals. No transactional funding required, no use of my own funds. This definitely requires a little bit of trust between both parties, but I would never risk my reputation over one deal.
This deal was found straight out of the MLS with an agent I have never worked with before. So now we have an “in,” with another REO office now which is good. He sends a high end gift basket to the buyer for every escrow he closes which was a nice touch.