OfflineHi. My name is Andre' and I am new to this site. Wonderful site. I also am new to investing. For months I have been studying and reading everything in sight about all aspects of Real Estate Investing. I would like to see a sample of a Wholesale Purchase Contract. Also if anyone lives in New Haven County Connecticut do you have a recommended Title Company to use? I will be attending my first Real Estate Investing group in a few weeks also. Any advise on the 1st baby steps on how to actually put into action everything I am learning on my own from experienced investors. Thank you in advance.
Also, is there a way to do Wholesale deals if a bank owns the property?
__________________
Andre,
The contracts used on a wholesale or retail deal are the same. Purchase price is what changes. Yes you can do wholesale deals on bank owned properties.
mjones, advisor Dean Graziosi's Success Academy
If you would like the chance to work with me or one of my fellow real estate investor coaches and our advanced training programs, give us a call anytime to see if Dean's Real Estate Success Academy and our customized curriculum is a fit for you. Call us at 1-877-219-1474 ext. 125
a LOT of banks will not accept a WHOLESALE contract, or RE-ASSIGN if you will, however there is a way around this and i actually explained it in a post titled "using LLC's to get around NON-ASSIGNMENT clauses", YOUR HERO, SULLY
YOUR HERO, SULLY
its not that the banks may not accept it, because all of the ones I have dealt with have. I have been very firm about it and included it in every offer/agreement. But I also included it as an ADDENDUM!
the addendum is there for you to use so use it. make the sale contingent upon the addendum for re-assignment. It works!
Anita
******************************************
TWITTER - anitarny / FACEBOOK - anitarny
"FAILURE IS NOT AN OPTION"
That is great information, so it can be done as an addendum... Good to know, good to know! Where there's a will there's a way.
Psalms 118:23 "This is the LORD's doing; it is marvelous in our eyes."
i hear ya, but you see, you live on the other side of the globe and i'm sure there are different banks from where you are and i am, because a lot of banks around my parts DO INDEED give you issues on assigning the deal, wish i lived where your at cause you also have lots of REO's too, where i don't have many @ all, THE MAN OF YOUR DREAMS, SULLY
YOUR HERO, SULLY
CAN ANYONE PLEASE,PLEASE EXPLAIN ALL OF THIS PART OF THE PURCHASE AGREEMENT? I am about the do my first deal and I want to do it right the first time.
How much is the earnest money supposed to be some say 10% of purchase amount and some say $10, which is it?
1. EARNEST MONEY to be deposited with licensed title company or attorney within 48 hours of acceptance by
seller. The buyer will take title subject to the following loans on terms agreeable to the buyer:
A. Loan to _______________________________________ Balance
$____________________________
Interest rate: _________ %, Monthly Payment $___________________ Loan Number
_____________
Date last payment made____________________________ Loan current through
_________________
B. Loan to ________________________________________ Balance
$___________________________
Interest rate: _________ %, Monthly Payment $___________________ Loan Number
_____________
Date last payment made____________________________ Loan current through
_________________
Other liens: ______________________________________________________________________________
I am about to call a motivated seller about his super discounted home, but I need to know where to take the purchase agreement once it is signed by the seller.
Do I take it to the buyer and have him sign the assignment contract or do I take it to a real estate attorney or title company? This will be my very first deal.