OfflineHello,
I have a question for clarification that I would appreciate some help with in regards to wholesaling.
I don't understand once your offer is accepted by the seller, how do you get a contract and earnest money to that seller.
In other words John is going to sell me his house for $X. How do I get it under a contract? Do I write it up? Is there a template somewhere? Does an attorney or title company take care of this?
I'm stuck with moving forward as an investor because I don't see how to get from a verbally accepted offer to locking it in with a contract.
Thanks in advance to everyone that can help me.
__________________
Thank you,
Dave 6-10 Jones
Hi Dave,
You can get a contract in many places. Dean has one available from his site. Some investors use a simple one or 2 page contract. I'm in Florida and I've seen people use them. I have a Florida real estate license and I usually use the one that realtors here use, which is 12 pages long. It might scare some sellers, but I know that it is all legal like. I don't know what state you are in, but you should be able to get one from a realtor, especially if you are working with one. I highly recommend finding an investor friendly realtor-read what Matt Larsen has to say on that subject. He is one of Dean's most successful students.
Ok, after the contract is bilateral(signed by buyer and seller)take a copy along with the deposit money to an investor friendly title company. DON'T give the deposit to the seller. Again, line up the title company before you need them. You can check if you have a local REIA(real estate investment club). Even if you have to drive a ways, they are a great way to network.