Perhaps I am really dense or just have a complete lack of understanding, but I need a little clarification.
I have a contract of sale and a contract of assignment. I have posted it here before and it got a bit of criticism. The overall consensus was that they would work…but a lot of experienced folks didn’t like it.
So, with that said, where can I find these? I know I should probably talk to attorney, or something…but in general, they charge about $175 an hour to do their thing…at this point, I don’t want to dish out this kind of cash. I know there are enough free resources out there that I should be able to find something.
Also, when I have a contract of sale in place with a seller, I just give this to my title company? Is this all I need to start the process? Once a buyer is found, then I give that to my title company, also? Basically, that’s all I need to do?
I have a seller that appears to be ready to sell…working with the numbers now. But, this being my first deal, I am getting a little gun-shy not completely understanding the contract issue…
If the numbers look good then get the contract. Find the buyer and do a contract with the buyer, collect earnest money and then run the title search with the closing attorney.
If you have a deal straight with the bank then you can run title as soon as you get the deal under contract before you find the buyer.
Just get these things done before you worry about assigning something. Most investors are not going to pay you up front anyway unless you have done business with them enough to have the trust.
Let us know when you have the end buyer in place and the contract and earnest money
Well, the contract is sort of the main concern at this point. I am trying to find a “good” contract of sale and a good contract of assignment (this can wait obviously). I have seen some examples, etc…just hoping to find someone (specifically if in Texas) that has a contract of sale they use, especially for wholesaling.
If you are contracting on REO through realtors then they have their own form.
If you already have a home under contract then more than likely the buyer is going to send you his own contract so don’t worry about that either. Read through his contract and anything you don’t like strike through it.
Collect earnest money and proof of ability to purchase.
Don’t let a contract keep you from getting started