Ok, here’s the deal. I have a wholesale deal I’m working on. The contract I have with another wholesaler expired on the 3rd, BUT the seller extended us until this Monday the 6th. I’ve got a buyer, but need help understanding how the contracts work since technically my contract is expired.
- Can I get the buyer under contract and then redo my contract with the other wholesaler??
- What do I need to be careful of in this situation? (e.g. keep my buyer info private from other wholesaler? etc?)
- Also, what date should I have the buyer put on their contract for closing since I don’t know how long they will allow us to extend??
- Can I just put 30 days?
- If I do my contracts over fax, how or when do I pickup the earnest money check from my buyer?
- If I’m selling in the mid 200k’s, what amount for earnest should I ask for, $2500?
- When exactly do I give the buyer the assignment of contract?
Sorry for all the questions. Please, all help is greatly appreciated!
Thanks!