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Updated over 7 years ago on . Most recent reply
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Purchase Agreement Document in Califonia - use CAR or other doc?
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?
Most Popular Reply
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Also, I put 0 EMD down. They did not ask for one, so unless asked I don't plan on offering it.