Need some help! I may have a first wholesale deal! I am just so confused on the contracts. This property has an agent and will most likely use thier own contract. Now the contract they use is a Purchase and Sale Contract? Where do I put and/or assigns and where do I put my contigencies? Do i hand write the contigencies in?? Then, if the buyer accepts, then what do i do? do i have a contract with him? And then how do I get my assignment fee money? sorry for all the quesions!!
thanks for help!!!
I can’t help with all the questions but I can help with a little of it:
and/or assigns goes right next to your name
Good question about the contingencies…I was wondering the same thing…
If the buyer accepts, you sign a purchase agreement between you and the buyer. Your fee comes from you bumping up the price to your buyer. EXAMPLE: You buy it from the bank for 50K but sell it to the buyer for 60K…the difference is yours. When the buyer pays the 60K to the escrow company, the escrow company will send you the difference.
Please let me know if you hear an answer about the contingencies!!