Maryland Buyers agent doing first deal with wholesaler...

[Jen Myers]

need help navigating... Wholesaler has own contract (which is light) and insisting we use their title company? Trying to understand how deals work this way???

[Rich Baer]

@Jen Myers

       Jen,

          From the language you used in describing the deal ($18,000 for return of the deposit), it seems as if the Seller bought the property at a Courthouse step auction. He is trying to assign you the contract which is fine. That is the way these types of assignments are done. He buys for A and assigns to you for B. You step into his shoes and repay the deposit he paid at the auction. However, unless he is doing it for you, you have to hire an Attorney to substitute yourself into the foreclosure case in a timely fashion before ratification. Also, I am sure he didn't tell you that when you purchase a property from a foreclosure auction you need to add as much as $10,000 in costs and interest to your purchase price. I have bought dozens of these at foreclosure and I believe the cheapest was around $5,500. I would be glad to answer more of your questions. I just want you to go into this with the knowledge you need.

      Rich Baer, Attorney