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Updated over 9 years ago on . Most recent reply

Account Closed
  • Wholesaler
  • Tulsa, OK
0
Votes |
7
Posts

I found a deal and the seller accepted, now what?

Account Closed
  • Wholesaler
  • Tulsa, OK
Posted

You then provide the purchase agreement contract, correct? I am in Oklahoma and was wondering if anyone can pass along a commonly used contract that covers all the bases when purchasing a property to wholesale.

I have made a few contacts that have buyers ready and trust in my marketing abilities that I can get the deal done, but not quite confident in getting the process started.

Most Popular Reply

User Stats

113
Posts
43
Votes
Kyle Critchnau
  • Owasso, OK
43
Votes |
113
Posts
Kyle Critchnau
  • Owasso, OK
Replied

I'll answer your questions as well, if I may.

1) Line 1 "Legal Description" - What is typically included here?

The legal description is found on the county assessor's webpage. Just go to this website, search for the property by address, and there will be a legal description part of the listing that pops up.

2) Who do I write my earnest money check to once the seller has accepted?

The title company.

4) As far as repairs, a wholesaler isn't going to ask a seller to make repairs but rather factor that into the total when pitching to investors, correct?

Exactly. You buy as-is. 

5) Line 10A "Buyers Expense" - Which is normally chosen here in a typical wholesale deal...Attorney's Title Opinion or Commitment for issuance of a Title Insurance Policy?

This depends. I would mark the title insurance one, that way if your buyer wants title insurance (which they usually will) that work will have already been started.

6) How many days do you typically delay closing?

What do you mean? I usually use a closing date 30 days after the contract date. If, however, you're referring to the number of days to delay closing in case of any issues, 5 (the default if that line is left blank) should be fine.

7) Line 12 - What is the best choice for the Residential Service Agreement or does it depend on the property?

This is a home warranty. You don't need one. 

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