Get the buyer you have under contract to buy from you. Get a large deposit up front and set a closing date. When you go to closing title will transfer from your relatives to you and then on to your buyer. The money from your buyer will cover the amount you need to pay leaving you with a check for the difference.
I would be sure to get a decent deposit from your buyer as “Non-refundable” subject to being able to deliver clear title. If he’s for real with wanting to buy the house he shouldn’t have a problem with it. Otherwise if he does have a problem chances are he’s just trying to tie the property up to flip to someone also.
I’m trying to know how to flip a house out of state? My family have a house in
miami and I live in New york. They (7persons) are trying to sell a house that’s in a
will. The asking price is 45,000 and I’ve offered to buy the house from them. I’m the
son/nephew of one of the family members and the houses in the area are selling for
125,000 and up. This house that’s trying to be sold needs about 25,000 in work and
could easily sell for 135,000+++++.
I put the house under contract for 45,000 that my family wanted,
I received an offer from another investor for the house for 90,000 and am trying to
flip it to him for 90,000. .
NOW what do I do ? I don’t have the money to buy the house initially from my
family. I was just trying to flip it to another investor and make something on the
side.