How to get Legal Offers to Purchase Without an Agent

Question

Hi guys,

I am posting on here in search of some answers to a few questions I have about legal contracts. I will start this off by explaining what it is I am looking to do; I am basically wanting to find out what exactly I will need, as far as legal documents and/or any license, to do this.

I am looking to buy off market properties, from leads generated from direct mail marketing. Since I am going this route, an agent will not be involved, so I will be writing all my own offers, and dealing with the title companies. My intention for these properties is to buy and hold them for my own rental portfolio, wholesale them, or for fix and flip them for myself. I am not exactly sure what I will need for these purposes. I know that in Wisconsin (that's where I live) it is illegal to "assign" a contract unless you are an agent, because of how our state defines brokering; For this reason I plan to do double closings, using "Bridge Loans" using either private, or hard money, to complete the transaction for the wholesaling scenario.

What I am looking to learn:

• How do I obtain Offer to Purchase contracts when not using an agent?

• What types of contracts and or license will I need for flipping, wholesaling, or buy and hold?

• Will I need anything from sellers as far as legal documents?

I know that WisconsinLegalBlank offers purchase contracts and more, but it seems like these are worded for agents, and I don't know that I can use them; Even If I can, I don't know how to fill them out, verbiage and such.

I am really just looking for guidance on everything I will need for what I have described above. Any advice is much appreciated!!

Kole

Johnny Hastings · Answer

If you're looking to use the state approved forms used by the realtors, a quick google search will turn them up. Search: 'wb11 offer to purchase'. There's also a wb15, which is the commercial version. Wb11 is the residential one. Those are usually tied with a few  addendums, A, B, and so on. The addendums specify certain inspection contingencies, or waivers there of. You can turn those up by searching 'addendum a to offer to purchase'. You'll find savable copies of all the forms that way. No need to purchase them.

You don't have to use those forms to get a deal done. You can sort things out with your seller, get it all in writing, and take it to a real estate attorney to get it handled. A title company can likely do the job too. All those forms work though because they've been honed for accomplishing these types of transactions. Most anything that can go wrong has been considered in the forms, and they help everyone stay protected legally should the transaction get sticky.

This may be a good time to find a partner, or start building your team, because having someone knowledgeable in this area seems like it would help you out a ton.

Contracts and licenses will depend on what exactly you're doing vs what you're contracting out. It's also sometimes city specific, if you're talking permits needed and all that.

Mark Webb · Answer

hey kole, I'm not familiar with Wisconsin but I would contract a few agents in your area or even direct message a few on BP from your area.  just ask if you can have a blank copy of a contract(s). if you find one on here they might have multiple contracts they use for different things. I know I personally have 5 different ones for my state depending on what I'm doing with property. so the worst they can say is no! hope this helps