Wholesaling and Contracts

[Cole Soreano]

Hello everyone, I am brand new to the real estate investing game. I have been trying to immerse myself in all things real estate due to some possible employment changes.

My question relates to wholesaling contracts. Once a seller and buyer is found and you come upon an agreed price, terms, etc, with both parties. Are wholesaler's creating their own contracts or are there templates out there that have been useful in creating a contract that meets your specific need?

Any advice or direction would be appreciated and welcomed.

Thanks!!!

[Bryant Brislin]

Once you come to a deal with a seller, you will put it under contract (remember, you don't want to waste a seller's time and inconvenience them heavily, so if this is an owner-occupied home, please make sure you are getting it at a price that you will be able to find a buyer for, assuming you don't already have a buyer lined up).  Anyway, once you put it under contract, at some point during the escrow, you hopefully will find a buyer, and then you will do an Assignment Agreement with the buyer.  You will submit that to escrow, however some escrow companies will require an Addendum/Amendment to the purchase agreement that memorializes that the buyer assignment is occurring and the seller will need to sign that.  If you have more questions, feel free to reach out to me direct.  Make sure on the contract with the seller that you have "and/or assignee" after the buyer name.