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Updated about 5 years ago on . Most recent reply

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13
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6
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Eric Wallet
6
Votes |
13
Posts

Buying from wholesaler

Eric Wallet
Posted

Found a home in the town I live that is under contract by a wholesaler. We have agreed on a price going forward but i am have a few questions about their contract:

1. Do I pay non refundable earnest money to wholesaler? Seems like this should go to title company, as that is where we are closing.

2. Number of forms to sign. There is an original purchase agreement between seller and buyer but no sales price. There is also an amended date of extension again with no sales price. Is this normal practice?

I dont mind what the wholesaler is making off the deal but I cant sign an agreement with a sale price.

Also there is an assignment contract again with no sales price.

I will have to call and gather more information as this seems to be very vague and unprofessional, although their business is LLC. I'm unfamiliar with wholesaling but would like to pass up on this deal.

Any advice given from someone who has bought from a wholesaler before will be appreciated. Thanks

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