Wholesale Contracts?

Can someone please tell me all the contracts involved in a wholesale deal? Thanks.

Comments(16)

  • sparklez23rd October, 2006

    Standard purchase agreement(with escape clauses of course) and an assignment contract. Also you can have your seller sign a disclosure, limited power of attorney(this allows u to market the property) and authorization to release mortgage info.

    This is how I do business.

  • bargain7620th August, 2006

    Probably not. You are taking most of the juice out of the orange.

    How much do you need to pay the Homeowners for their equity?
    [addsig]

  • mcole20th August, 2006

    And how much rehab needs to be done?

  • jimandlacy20th August, 2006

    Looks pretty thin even for a clean, paint and flip. A lot depends on needed rehab, location and local market activity.

    Jim

  • renobasement21st August, 2006

    did you find the lead or did you use a service?

  • bscivolette1st October, 2006

    On my first deal, there was 52K in equity between purchase price and conservative selling price on the FMV. I had put down a $6000 deposit, I asked the investor for the deposit back plus an additional $10,000 (Total 16K) which left him with 36K, no repairs were needed (brand new home).

  • sparklez23rd October, 2006

    Never get to over zealous on your first deal. Stay humble till your up there with the big dogs.

  • sparklez23rd October, 2006

    Never get to over zealous on your first deal. Stay humble till your up there with the big dogs.

  • lasal200023rd October, 2006

    That does help, thanks!

  • mcole15th September, 2006

    One way might be to go to the tax records on each of the comps and see what the assessed value is for the land.

    Not that this would give you the true land value, but it would at least be a starting point.

    Hopefully other people here will post some better ideas for oyu.

  • compsciboi18th September, 2006

    zillow

    reply

    realquest

    Get on the MLS and do a search

    County records office of recently sold homes in that area.


    THERE ARE SO MANY WAYS TO DETERMINE VALUE GOOGLE WILL TELL YOU ALSO YOU JUST HAVE TO ASK HIM!!!

    [ Edited by compsciboi on Date 09/18/2006 ][ Edited by compsciboi on Date 09/18/2006 ]

  • rmdane200018th September, 2006

    i thought i already replied to this... but, you need to find some comps with double lots. Compare and contrast, try to extract an adjustment.

  • jenjen92130th September, 2006

    A registration to sitex has been the best for me. it breaks down all items on title, comps, and all transfers of ownership. There is a small fee, but it is WELL worth it!

  • thanmerrill23rd October, 2006

    The website is www.sitexdata.com We like to use it in my office as well. Good Luck
    [addsig]

  • siaosimaka23rd October, 2006

    Before you do sign anything, find out what really needs to be repaired and get an estimate on it. Do a title search and see if there are any other liens that you would have to pay. Factor all these cost in on top of the 250k and then see where you stand.

  • telemon24th October, 2006

    If your numbers are good the house must be a wreck inside. If not, it sounds like a good deal. Being that you have no idea what you are doing you should be EXTREMELY conservative in the costs associating with rehab. The big question in my mind is why the owner is willing to sell for 200k under market. Whats the catch? Look very hard before signing.

    One more thing, you say you "Made an offer that was accepted". How do you make an offer without signing anything.?[ Edited by telemon on Date 10/24/2006 ]

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