I’m working on my first property with a franchisee of HomeVestor’s. When I was talking to her she mentioned all she needs from me are the details of the house. i.e. address, whether it’s sfh, brick, amount of bedrooms, bathrooms etc. Before I release this information should I have them sign a contract w/ me so that they won’t go behind my back and grab it? She mentioned some people have them sign contracts, some don’t.
Is it highly recommended to have a contract signed to begin with and if so what does the contract look like?
HomeVesters are probably my biggest competitor (in one county) so I’m pretty familar with their operations. I wouldn’t expect them to go around your back to do this deal if you didn’t have a contract. Putting things in contracts is always safer though.
Thanks Danny. What does one of these contracts look like? Is it usual and customary to use one w/ a private investor?
I don’t sleep with the enemy so I wouldn’t know…
Why does it matter what it looks like? Read it, if you agree with everything, sign it. If you don’t agree, tell them to change it or don’t sign it.
It probably has the HomeVestors hideous letterhead at the top if that helps.
I sense your disdain. From the way they described it, it would be a contract I would create and send to them to sign. Kinda like them showing me that they’re going to be honest and work w/ me etc. etc.
if I dont have a property under contract but its a very good wholesale deal with good equity do people actually contact homevestors etc. and will they pick up the deal off of you if your not the actual owner or have a contract?
They were willing to look at it from me without it being under contract. If it’s a good deal for them (a property with good equity that needs rehab) they should be willing to look at it. The guy I talked to does 50% rehabs and 50% wholesaling himself. The best way would be to get a hold of a franchisee in your area and see what his/her criteria is. The property I was looking at is a tear down and ultimately he wasn’t interested but I made another contact so it’s all good. You don’t have to be the owner.