All Forum Posts by: Michael DePratti

Hello Isabella
Every contract that I have signed with a real estate agent that was listed on the MLS did include in the name "and/or assigned". Also included should be a contingency to give me a 14 day inspection period to give me time to find a cash buyer.
If you do not have both of these in the contract and you do not find a buyer you have a good chance of losing your deposit.
Here is a sample email that I sent to the agent when submitting my offer:
 

Hello Frank 

After going through the numbers, I've determined the following offer.

Offer Name: MD Investments LLC And/Or Assign

Address: 123 Any Street Any City, Any State 12345

Offer Amount: $115, 500

Deposit: $500

Contingency: This offer is subject to a 14 day home inspection of a contractor of the buyers choice which must meet the buyer’s approval.

Closing Agent: TBD

Closing Date: Closing to be 30 days or sooner if agreeable to all parties from the mutually executed contract.

All cash offer.

Hope this helped

I couldn't agree more. I've been wholesaling in Connecticut for 2 years now and come across many wholesalers that wanted to JV a deal with me. When I researched the numbers they provided, I found the ARV overblown and the repairs low balled to justify the asking price. I've always felt more comfortable being conservative with the ARV and over estimate the repairs to make the asking price accurately reflect a deal.
On the flip side, I've encountered weekend developers/investors that don't have their own crews who need to sub-contract all the work then tell me that my repairs costs are ridiculous.