jm.kinsler, Other/Just Looking in Philadelphia, PA

What contracts are needed to close a wholesale real estate deal?

Asked by jm.kinsler, Philadelphia, PA Wed Jul 9, 2014

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You need to use a standard purchase agreement to put the property under contract. I recommend extremely low balling an offer on a MLS property which gives you a copy of the legal contract. Take out all the information pertaining to the MLS and Realtors or the Association of Realtors etc.

Once you find a end buyer, you must decide how you want to close. If you will do a double close, then you just put your buyer under contract using a new purchase agreement (the difference between this purchase price and your contract price is your payment). If you will reassign your contract, you need to create a reassignment contract. This is a simple attorney drawn document. You may even be able to get a copy of this from websites endorsing wholesale R/E deals.

Make sure you have the correct clauses in both agreements to protect yourself and your buyers.
0 votes Thank Flag Link Wed Jul 9, 2014
The ones that your attorney drafts, unless you are using a Realtor and in which case, they will handle this for you.
0 votes Thank Flag Link Wed Jul 9, 2014
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