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Updated almost 6 years ago,
Wholesaling property in pa
I recently visited a property in berks county pa, and the woman selling her house wanted 25k for it. The deal is good for the condition that the property is in, and so my business partner and I decide to take the offer and begin the process of putting the house under contract.
During the tour of the house, the lady mentioned that the house was given to her by her grandfather. Her grandfathers name is on the deed of the house, and so the lady herself cannot sign the “agreement of purchase” contract. After we leave the property, the question arises, whose name should be put on the deed to the house? The answer we gave to the woman was put as such: the name put on the deed of the house is the name of the investor that we hand over the signed contract to (aka the buyer). So, this means that we can’t put a name on the deed until the contract is signed.
My question to the community is this : From this position, what should we have said in response to her question? Did we go about answering it correctly, or should we have taken a different route beforehand? This is our first deal we are working through thus far in wholesaling.