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Updated about 8 years ago on . Most recent reply
Wholesaling Process If You Represent Yourself
Hello BP'ers,
Wholesaling is something that I've considered in the past but up until recently, I never gave it a whole lot of thought as I was focused on acquiring properties to hold. However, I am in a position where I have limited capital and have found a couple off market deals that check out numbers wise and will produce a hefty profit, I just can't get funding for them. So my question is this, if I'm representing myself, how would I go about submitting a purchase offer to the seller? And what other documents are required? I assume a quit claim deed but are there any other necessary documents in NYS that I should be aware of?
My end goal here would be to assign the contract to another buyer.
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Originally posted by @Account Closed:
@Paul Amegatcher Understood.
And if I do not have a lawyer approved purchase and sale agreement or an assignment contract then I need to get them from one correct? I cannot use one the I created myself or even use ones from this site in the fileplace?
When you're wholesaling, do you not need to get a quit claim deed from the seller? I understand that a warranty deed will be given at closing to the end buyer, but when would a quit claim deed come into play if not when you're wholesaling?
I'm not sure why you think you need a quit claim deed to wholesale. The buyer receives a deed at closing. It can be a quit claim deed or a general warranty deed. As a wholesaler the only thing you are marketing is a contract on a good deal. You do not need a deed to do that. You should study more about the basics of a real estate deal before moving forward. There is some confusion on your end about the anatomy of a wholesale deal.