I am a realtor with a client that is new to wholesaling. I need to put the contracts in with some sort of out clause in case her investors don’t show or decide to pull out of the deal. Any advice? Also, do I need to use the 11 page contract for these deals since I do work for a broker?
when i submit the offer, is there anything special i need to put in to protect my buyer if her investor doesn’t buy? new to this. it is an REO and i know they don’t like assignments. can i put in “pending partner approval” or somthing like that.
If you’re going to be making offers, or representing this new
wholesaler, yes, you most likely will have to use your states
standard real estate contract.
As for contract clauses, a simple 14 day inspection period will
do. Or however long you decide. It can be 10 days or 21 days,etc.
Although, don’t make it too long as sellers won’t want to wait
too long before they know it’s a done deal.
Usually, standard escape clauses that you can get away with
on deals you’re working directly with the seller on, you can’t
get away with when working with bank owned properties.
Partner’s approval, I don’t think the bank will accept.
I know that the bank has a standard time period for inspections,
you may want to check on that. In some states it’s 10 days, so
your client has 10 days inspection period/or finding a buyer.
Advise your client to be looking for investor buyers RIGHT NOW
while at the same time looking for deals…