Waiting on a funder's term sheet and my title company wants to know the end buyer's name before they'll schedule anything
I don't have an end buyer yet. That's the whole thing I'm sitting with right now. Found a property in Akron, seller under contract at 74k, I have what looks like a 94k end buyer range based on comps in that zip. So the spread pencils out at maybe 20k before costs. Transactional funding on 74k for 48 hours is probably 1,480 to 2,200 based on the quotes I've been reading, two sets of closing costs probably eat another 2,600 to 3,400 combined, and I haven't even gotten to title insurance on both legs. Call it 5k in friction costs on the outside, which still leaves 15k if everything goes right. I understand that math. What I don't have figured out is the sequencing problem. The funder's term sheet requires me to show proof of the end buyer before they'll commit capital, and the title company won't open the file without knowing who closes the second leg. But I don't want to go lock in an end buyer and burn the relationship if the funder passes or title says no to the structure. So right now I have a contract, a spread that works on paper, and two gatekeepers each waiting on the other one to move first. Trying to figure out which of these you crack open before the other, because right now I'm just holding a signed contract and a phone.