Any advice on writing far/bar contracts up? What to put in the special clauses section? Obviously you don’t put an/or assigns in because there is an assignable box to check on contract. I just need some pointers on what to put in. I’ve heard you need to tell the owner up front that you plan on buying to resell to make a profit etc. Any advice would be much appreciated. I was an active realtor for a while and now am trying to jump into wholesaling. Thanks…
If you are just buying to immediately flip for a higher price, the more disclosure the better. It gives you more protection in case the seller decides to come after you for “deceiving” him.
If you are investing cash in a rehab, it is a different animal because you are investing money into improvements to make the property more valuable.
Probably the safest approach would be to go to a real estate attorney (not a title company) and explain what you are doing and have him develop a clause for you to use in this and future contracts. That way you know the wording will be right and if it comes back on you, you may be able to go after the attorney’s malpractice insurance for damages.
Steven
P.S. If you are going to be holding for any length of time - and you might be given the slowness of Florida’s resale market, be sure to factor that into your offering price.