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Updated about 8 years ago on . Most recent reply

Account Closed
  • Clayton, NY
35
Votes |
157
Posts

Wholesaling Process If You Represent Yourself

Account Closed
  • Clayton, NY
Posted

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.

Most Popular Reply

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488
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Paul Amegatcher
  • Rental Property Investor
  • Brookville, OH
363
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488
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Paul Amegatcher
  • Rental Property Investor
  • Brookville, OH
Replied
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.

  • Paul Amegatcher
  • Loading replies...