Wholesale Contract
I am getting ready to make an offer on a property in an up and coming area that I plan on wholesaling to an investor. The seller is also leaving the contract up to me since he thinks I am more knowledgable in the real estate industry. What things are a must to include in the contract that protect me and/or the seller? Should I be the one to make a contract?? help!
R u a realtor ??? If not pleaaaase don't try to act like one, you could get into serious trouble.
[addsig]
If you are not familiar with buying and selling real estate in your state I would recommend you pay an attorney $100 to draw up your first set of forms. Once you have studied them and understand the entire document, you can start filing them out yourself.
It is also very powerful when you tell your seller that your attorney prepares your paperwork.
GOOD LUCK
actually, yes, i am a licensed realtor.....
Quote:
On 2004-09-28 23:58, patrecejames wrote:
R u a realtor ??? If not pleaaaase don't try to act like one, you could get into serious trouble.
P - What does this matter?!? Why are you saying that this individual will get into serious trouble for the reason of being a realtor... Am I missing something?!?!
[addsig]
Raquel,
I would be very cautious here since you are RE licensed. You didn't indicate what your prior business relationship was with the seller. For instance, are you the listing agent? You didn't indicate if you had given the seller any prior disclosures about the nature of your function (ie, sller's agent, buyer's agent, purchasing for your own account, etc).
Nancy
no, no, no... first off, I don't practice real estate, I am just licensed. I am an apartment locator which requires me to have a license...so, no, i don't fill out contracts. and net listing??? i am simply trying to wholesale the property to an investor, what is the problem? there is no listing with the seller. i didn't know wholesaling with a license would be so difficult......!
and i don't want to do a "net listing" agreement, i want a "buyers agreement." what am i doing wrong????
one more question: should I just let my license expire to avoid all this drama?[ Edited by raquel1094 on Date 09/29/2004 ]
I am a licensed real estate agent and am also pursuing wholesaling. The only concern for lic. real estate agents is disclosure. If you are a lic. agent and attempt to buy a property, it is your duty to disclose to the seller that you are a licensed agent. That's it! It is not a big deal. Agents act as investors all the time. As long as you disclose your position to the seller and he/she signs the document showing the disclosure, all bases are covered. Good luck! 8-)
thanks Kendra, for making it so short and simple!