1st Potential Wholesaling Deal.....HAND-HOLDING NEEDED!

[Kevin Barrett]

Greetings!

I plan on meeting with a seller soon and could put in an offer if I am able to get the property for the price I have in mind. I extracted and copied the major milestone dates on my offer form below, but I want to make sure I fill it correctly. The Acceptance I will use the date in which I meet with the seller. I am unsure what should be included for the P&S, Closing, Financing, Inspection, and Contingencies. If I am still searching for my end buyer what would you recommend for dates? Under contingencies I wanted to put the following: "Offer contingent upon approval of partners inspecting property." For the financing piece I want to pass on the financing to the buyer and just collect an assignment fee. How should financing be entered on the contract? I assume there will be one "normal" purchase contract between myself and the seller and then a second assignment contract between myself and the end buyer, correct?

Thanks in advance,
Kevin

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2. Acceptance: This Offer is valid until ____a.m./p.m. on _________________ by which time a copy of this Offer shall be signed by you, the Seller(s) signifying acceptance of this Offer, and returned to the Buyer otherwise this Offer shall be considered rejected and the deposit will be returned to the Buyer.

3. Purchase and Sale Agreement. The SELLER and the BUYER will on or before a.m./p.m. on , execute a standard Purchase and Sale Agreement, which, when executed shall become the entire agreement between the parties.

4. Closing. The SELLER agrees to deliver a good and sufficient deed conveying good and clear record and marketable title at a.m./p.m. on at the County Registry of Deeds or such other time or place as may be mutually agreed upon by the parties.

5. Inspection. This Offer is subject to the BUYER obtaining at his own expense, a home, lead paint, radon, and wood boring insect inspection by consultants of the Buyer’s choosing by ________________. If the buyer is not satisfied with the results of such inspection(s), this Offer may be terminated by the Buyer by notifying the Seller(s) and the Broker(s) in writing, on or before ______________.

6. Financing. This Offer is subject to the Buyer using diligent efforts to obtain a mortgage commitment of $ at the prevailing interest rates, points, and terms by . If the Buyer is unable to obtain the above mentioned mortgage, he will notify the Seller and Broker (s), in writing, on or before and the deposit will be returned to the Buyer and this agreement will become null and void with respect to all parties.

7. Lead Paint: BUYER acknowledges receipt of the Department of Public Health Property Transfer Notification and understands the SELLERS make no representation or warranty, express or implied, as the lead paint content of the property. BUYERS take full responsibility for compliance with all laws relating to same BUYER will assume the burden of cost for all tests, costs, and compliance arising therefrom.

8. Additional Terms and Conditions: