OfflineHello, DG family. I have a quick question about wholesaling. I know we're supposed to lock a deal w/a PA then assign it, but once we assign it to a buyer-and we're out of the deal-what do we we do w/the PA papers we filled out?
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What happened to the Purchase Agreement?
Posted on: Tue, 04/15/2014 - 16:52
I mean, once we sign the assignment contract, do we then dispose of the PA?
After you have there buyer sign the assignment contract you give them a copy of your purchase agreement between you and the seller. Your buyer would then take the paper and give it to their attorney that would be closing the deal, unless you have an attorney in place, your attorney would get all the paper work. This is how I do my wholesaling.
Reynold Orozco
I figured it would b something very similar to that, just wanted to b sure.
Your not out of the deal when you wholesale. You have one purchase agreement between the original seller and yourself. Then you have another purchase agreement with you as the "seller" and a new buyer. You will need to have one title company work with both documents to complete a double close.
Thank you to the OP and.....
Campbell for explaining for a double close
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I have never disposed of a contract in the over 10 years I’ve been doing this. As previously stated once you have assigned the contract, you will want to give your buyer a copy of the contract between yourself and the seller. Then hold onto your copy till you receive your check. This way you can track what you have made off of each deal. Just the way I do things.
1) Get the property under contract
2) Find a buyer, fill out the Assignment Agreement. (This is when I always get my check) I give a copy of the original PA and a copy of the Assignment Agreement to the buyer.
3) I then take the original PA and the AA to MY ATTORNEY to complete the deal.
I use my atty for all of the deals because then I am in control of making sure everything goes smoothly. I do NOT remove myself until the deal is closed. My atty is familiar with how I do things and then will keep me in the loop. That way if a snag comes up, you can help if needed. It makes all of my parties feel more comfortable knowing that I haven't deserted them and will result in better references. PLUS, you want to be able to bring your atty as much work as possible because then he will consider you more valuable to him, etc, etc...
Karen
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I Have been out of the game for a while and I have forgot how to do everything it seems. Im Dealing with a Homeowner that wants to sell so they can go back to Russia. Im not sure what Contract to use and how to fill it out. Then when I get it under contract, Im going to try to wholesale it. What contract do I use for that