All Forum Posts by: Meli Farnam

Hi Everyone,

I have seen a lot of different Investor friendly agents topics on BP and thought it'd be a good idea to begin one for Wholesaler friendly agents.

I would like to encourage those agents who are wholesaler friendly to put themselves out there and encourage networking/connections. 

If you are a wholesale friendly agent or know of one, please provide:

Name:

Why you should contact/connect with me:

If you know of one, tag them in the bottom of the post, to help get the word out.

I have a friendly wholesaler agent, but she's not ... well she flakes out often, so I think it would be amazing to know how many are really out there looking to connect!

I have been told that if you buy an entity name, put the P & S under the entity name as the purchaser, then you can sell the entity as if it were the assignment contract. Whoever owns the entity is the legal owner of the P & S. It's a loop hole that I know many to take advantage of.

For me, I find being honest with the Seller up front is the key. If you let them know that you represent the end buyer, they will work with you  most of the time. The beginning P & S for me reads "Between Seller and ______ Buyer and/or assigned Buyer."

As for Default:

Explaining that the Default has been deleted entirely - in the event that the end buyer backs out, it will allow you to have the opportunity to replace that end buyer with another. Making them feel secure is key, them knowing that this is removed so that you can still help them out in the event the end buyer backs out - that you will need a little time to get another so that the sell will still happen.

I use my Inspection Clause as my fail safe. 

"This contract is contingent upon the Buyer's Inspection and approval ... Buyer shall have ______ days after acceptance."

Under acceptance for 'as is' I include "If Buyer's agrees to accept the property as is under attached ... does not preclude Buyer from inspecting the property under "Inspection"

Always consult with legal in your area/state to make sure it is legally permitted as a fail safe for you. In the event you choose to use the Inspection Clause as an exit strategy - make sure to provide them with a letter stating that it did not meet your inspection within the allocated time.