NEED HELP with first wholesale deal !!

Bird Dogs, Wholesaling
1

I am brand new. Have found a great deal but need help / advice.

Unimproved commercially zoned lot in desireable area. The seller and I have agreed on a price and he’s waiting on a contract from me. I have investors lined up behind me to whom I will assign this deal.

Is there a simple, short contract I can use rather than the state realtor association 12-page commercial contract, most of which I don’t need. I just need seller agrees to sell to buyer and/or assigns; selling price; closing date; and earnest money amount, right?

I need to put up 1% of sales price as earnest money?

There will be a double close and I get my earnest money back at that time from the investors, right?

And they’re very smart and experienced so they will have some exit options written in to their contract, I presume…what if they opt out at the last minute. What options to I have for exit strategies and how to I word them in the contract? I’d be in big trouble if I got stuck with this one or even just lost my earnest money which will be a good amount.

HELP!! Any advice appreciated.

2

i think you just asked about everything that u need to know regarding wholesaling…
hmm where to start?
from my understanding, if you have buyers lined up, get the seller to sign the Agreement of purchase (or an Option to purchase, whichever you have), include an assignment clause. (if you want to find out how to write those, get a lawyer. unless you want to take a risk and find one on internet and use it) if the seller is motivated, you don’t have to put down an earnest money. just convince him that you’ll get the deal done, don’t :cool worry.
as soon as you’ve done that, get your buyers together, get them to bid on the deal. winner pay a non-refundable fee…or pay you at closing. assign the contract to them:) something like that… this is just one of the simpler way to do it. there are plenty other ways to do it, where you don’t have to actually burrow money and purchase it.