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Updated over 7 years ago,

User Stats

17
Posts
2
Votes
Steven Tankersley
  • Real Estate Agent
  • Folsom, CA
2
Votes |
17
Posts

Purchase Agreement Document in Califonia - use CAR or other doc?

Steven Tankersley
  • Real Estate Agent
  • Folsom, CA
Posted

I am submitting a written offer on a property here in California, which I have not determined yet if I will wholesale or flip. I am a licensed and active Realtor in California, and can use a CAR purchase agreement. Should I use a CAR purchase agreement or use something else? I am concerned about  being able to assign the contract if I decide to wholesale. I realize there is an assignment of agreement addendum which I can use, but is this the best path?

A couple other questions:

1) If I am using private money, do I still check the "all cash" offer box?

2) Do you guys put down an EMD? If so, how do I recoup that in case I cant fund/wholesale within the time frame?

3) The seller has requested proof of funds. I am using a hard money lender, who provided me a "notice of intent to lend", essentially a pre qualification. Is this typical/sufficient? 

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