OfflineHey all,
So I am pretty new at this. I don't even have buyers or sellers yet. But before I really start searching, I wanted to make sure I have a few things down.
I have talked to my Economics teacher about real estate wholesaling, as he has done it before. And basically what he said is that I should use options instead of contracts, so I am not legally bound to buying the house within the set amount of days. So basically, I won't get into a tricky situation should I not find a buyer for the house.
I was wondering what the DG family take on this was? If I should use an option, can you please explain them to me? I don't know much about them. If you think I should still use a contract, then can you point me in the direction of a more complex one than the one given by Dean on this site?
Also, I was wondering if I can lock the seller into a price using the contract (or option)? I don't even know if that's legal or anything, just wondering.
By the way, I live in Southern California, if that helps.
Once you put a property on contract, you have the "Option" to buy the property or assign the contract unless it says otherwise.
So Basically when you put property under contract, you can put minimum or zero earnest money and immediately sell the Option to buy the property to your buyer.
When you put a property under contract you basically have Equitable Interest in the property even if you are still not holding the Title to the property.
Other experienced Investor on this site may provide a better explanation than mine.
Bimal
Wish Everybody a great success in their Real Estate Business
REIShrum,
Hello there, to give a few nuggets:
$ you can google the agreements
$ your attorney may provide one
$ investors at your local rei club make provide them as well, etc.
You can use either document to initiate and close your deals.
$ Exercise your Contingency Options for exiting paperwork.
$ Market your deal! Market your deal! Market your deal!.............
Not finding a buyer should not be an option. Market your deal!
Thank you both. I've been trying to find buyers first, then sellers that match. But so far, no luck on buyers. I haven't given up yet, though!
Also I've only found one REI Group near me, and I simply don't have the money to join them at the moment. (I'm saving my money for my sister's wedding in 6 months)