Wholesaling Notes Without Contracts

[Miguel Feliciano]

I have a current deal where I am buying a note secured by a property.  The note is currently performing with a 3.8% interest rate, which is pretty low for some of the investors I've tried wholesaling the note to.  I'm talking with another investor that may actually buy the note.

The main question I've had since day one on this deal that I haven't gotten an answer to; should I have a contract (assignable) with the seller to show that I'm serious about the deal as I would with regular wholesaling?

I was told that I didn't need a contract to buy a note.