Wholesale Contract Questions

[Zebediah Lessard]

I am getting into real estate investing and figure wholesale is a good way to learn, but I am confused on some aspects of the actual contract.

1. Is there only one contract that is used in the whole purchase? For instance if I where to get an offer to purchase form signed by the seller, do I then hand that same form to the investor? Or are there two separate contracts that are filled out?

2. This may be a stupid one, but do the seller and the investor ever meet in person? And if so, when does that happen throughout the process? Obviously the purchase usually requires an inspection first so I assume so. 

Now I am going to walkthrough the contract process as I understand it. Please correct me if anything is wrong or if I'm missing something. I want to have a deep understanding of the process before I get into any deals.

- Find a distressed house with a motivated seller

- Bring the seller the contract that says something like "I will buy this house under these conditions within this amount of time or the sale is cancelled"

- Find a cash buyer

- Bring a purchase agreement to the buyer and have them sign it with the terms and including a wholesale fee

- The buyer pays for an inspection and checks out the property themselves

- Everything is agreed upon and the purchase goes through