OfflineWhat do you other investors do when you find an investor who is (wholesaling/assigning) selling a house and he wants to use HIS contracts....I am an investor who is wanting to buy his contracted house for (wholesaling/assigning) selling to someone...I have MY contract I want to use and he has his contract he wants to use.
Also he has his title company who he prefers to use and I have my title company who I prefer to use?
__________________
"THE ARCHITECT OF YOUR DESTINY IS YOURSELF"
"SUCCESS WALKS HAND IN HAND WITH FAILURE"
If his contract is similar to yours then go ahead and use it. I had a wholesaler buy my last deal (I assigned it to him). He had his own assigment contract AND title company. It worked out fine because the title company I opened escrow with didn't do double closings so we had to transfer all the paperwork to HIS title company and his contract was a simple one page contract, no clauses or anything sneaky in there. So I was fine with that and it was a win/win for all of us. So use your best judgement and of course God's divine guidance!
Your sister,
Psalms 118:23 "This is the LORD's doing; it is marvelous in our eyes."
The contract that he(the other investor) is using is probably very similar to yours(since your both wholesalers) i would just read his contract CAREFULLY, make sure your comfortable with it.
YOUR HERO, SULLY
If there is something you want to add to the contract, use an addendum. Also, in the state of Arizona, the buyer has the legal right to choose the title company. I have had the reason explained to me before by a RE instructor, but I can't remember what it is. I know that the instructor said that he always liked it when a seller would request a title company because he would reply that it would be OK with him, but the seller would need to pay his portion of the title insurance. I have never had any major problems with using the sellers title company. In fact, I have found title companies that I liked better than my own, and have changed.
"NOW GO FIND A DEAL"
Watch your thoughts; They become words,
Watch your words; They become actions,
Watch your actions; They become habits,
Watch your habits; They become character,
Watch your character, it becomes your destiny.
Frank Outlaw
The contracts I use were created by my title company's attorney. I feel very comfortable with them and they are very throughal. This guy is a new investor and his contracts are well...cheap. I just want everything to come out right in the end and make sure no one can sue for something not being right in the contracts. I come from a whole family of lawyers and I guess the contract thing has rubbed off on me.
My title company does double closings...not so sure about his.
Thanks for the advice guys!
"THE ARCHITECT OF YOUR DESTINY IS YOURSELF"
"SUCCESS WALKS HAND IN HAND WITH FAILURE"
If you feel your contracts are better then just explain that you had your title company's attorney (who you trust) draw them up and feel most comfortable using them and the title company. He can either agree or not right? If not, move on! Nothing wrong with being thorough! Do what you believe is best for YOU sister.
By the way, it's always great hearing from you!
God bless you,
Psalms 118:23 "This is the LORD's doing; it is marvelous in our eyes."