Accidental Wholesale Opportunity? What now?

[Jack Sarcia]

Hello all,

A seller I reached out to said they were not looking to sell the property I was asking about but that they had another property they do want to sell quick and cheap.  

This property is not in my area or my criteria. I'd like to wholesale it to another investor.

After doing quite a bit of research, reading books, and wasting $20 on a Wholesaling DVD I still have some questions.

>Seller accepts my offer. Is $100 deposit on a 75K house acceptable?

>When signing a contract for the purpose of transfer/assignment to another buyer what is the proper way for me to identify myself as the buyer? (Ex. and or assigns VS entity) 

Thanks everybody for your continued support.

[Chris Bounds]

Jack,

Earnest money is completely negotiable.  I've bought several houses with zero EM.  Whatever amount you end up agreeing on be sure to deposit it with a title company / closing agent instead of giving it to the seller directly.

Regarding wholesaling, you should let the seller know that is your intention.  Using [your name/company name] "and/or assigns" is one way to write to write your name as the buyer.  In Texas, real estate contracts are assignable anyway so that is not necessary.  I'd assume that to be the same in MA, but you might want to check on that with a title company first.

Good luck!