Wholesaling Contracts

Wholesaling Contracts

Comfort, TX · Member since 2016 · 7 posts · 2 votes

Hi, I'm new to wholesaling and am trying my best to absorb as much knowledge as possible and use the sites search function avidly. However, I am having difficulty grasping the concept of having a wholesaling contract and have several questions in regards to it. 

1. I found a wholesaling contract on here underneath the fileplace, is this contract ready to be used? Or does it need to be reviewed by an attorney of some sort to make it officially "ready for use," so to say?

2. Also, as a wholesaler, whenever you get ready to wholesale a deal that you have found and have under contract (Seller has agreed a price with wholesaler), how does the transaction work to then sell that contract to somebody on my buyers list? Do I just print out another contract and write down the slightly higher price that me and the buyer agreed on? Or is there more to it than this?

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Rental Property Investor · Cleveland, OH · Member since 2015 · 1k+ posts · 880 votes
10y

Here's how wholesaling basically works: 

1. You get the property under contract to purchase with the seller. 

2. You write a new contract between you and the buyer assigning the original contract to them. 

As a rule of thumb, you should always have an attorney review contracts. Second, you want to check local real estate laws in your state to make sure you are operating above the law. 

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  • Hazleton, PA · Member since 2015 · 13 posts · 1 vote
    10y

    The contract here is basic and should work in most states.

    And no you do not use another contract. You will use what is called an assignment of contract, which switches the legal obligation to buy the house from yourself to the person who signs that.

  • Hazleton, PA · Member since 2015 · 13 posts · 1 vote
    10y

    http://www.cleverinvestor.com/snapchat/

  • Rental Property Investor · Cleveland, OH · Member since 2015 · 1k+ posts · 880 votes
    10y

    Here's how wholesaling basically works: 

    1. You get the property under contract to purchase with the seller. 

    2. You write a new contract between you and the buyer assigning the original contract to them. 

    As a rule of thumb, you should always have an attorney review contracts. Second, you want to check local real estate laws in your state to make sure you are operating above the law. 

  • Hazleton, PA · Member since 2015 · 13 posts · 1 vote
    10y

    That ebook will teach you EVERYTHING! Make sure you take notes! 

  • Comfort, TX · Member since 2016 · 7 posts · 2 votes
    10y

    @Matt Motil I appreciate the reply, where can I find my local real estate laws? Is it as simple as just using my google search feature and finding a website where they will be listed? 

    @Jacob Oressie I appreciate the feedback, and will be beginning the ebook shortly! Thanks!

  • Rental Property Investor · Cleveland, OH · Member since 2015 · 1k+ posts · 880 votes
    10y
    Originally posted by @Will James:

    @Matt Motil I appreciate the reply, where can I find my local real estate laws? Is it as simple as just using my google search feature and finding a website where they will be listed? 

    @Jacob Oressie I appreciate the feedback, and will be beginning the ebook shortly! Thanks!

     In Ohio, the Division of Real Estate is part of the Department of Commerce. I would start there or try to Google your state's real estate division or commission. 

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