Wholesaler's Contract

Welcome to the site... Not really sure what your asking here. There is no 'wholesalers' contract. It's just a standard purchase agreement you use to buy any property. If you're locking up a property that's what you'd use. Then you do an assignment contract with the investor. It's two seperate contracts. If you're doing it as a bird dog, then you use a promissary note, I believe. I've never bird dogged so I'm not completely sure of the process. I prefer assigning contracts because your profit margin is set by you and not the investor. As a bird dog the investor sets the price he pays for your finder's fee. Hey, if I find it, I decide what I get paid, but that's just me... LOL! Usually realtors aren't involved when you're wholesaling, you open escrow with a title company when the purchase agreement is signed by both parties and they will take care of distributing the money. Hope this answers your question.
Elena ;D

thank you elena...so what ive done is used the "finding investors" technique to get me started on my investing journey...ive been blessed to have been approached by several investors but in particular one...because of the ads ive posted...this is my first deal id be locking up and this investor in particular wants to invest into bulk r.e.o. (commercial residential) in the millions...im a little nervous b/c im doing this blindly never doing this before...and my first time i hit BIG, wow....so the point we are at now is the letter of intent (where can i get a sample contract of the LOI)...what finder's fee percentage do i set on a deal like this, approximately how much...the buyer (the client who approached me) mentioned that id get paid on a 3 point system (3rd party via escrow)....what the heck is this....as the investors negotiate back and forth using me as an intermediary i just take notes...some stuff i understand....some stuff i dont....but im learning....and i am determine to stick this out....i figure when i get via this....id be able to get via the smaller deals....thanks elena for your help....if you can direct me in the direction of locating a sample LOI, it would be greatly appreciated....thank you very much....

I'm not familiar with any of this. Why do you need a letter of intent? The three point system is news to me. I guess my question here is what are you trying to do? Are you finding the deals and assigning the contracts to them? Or are you finding them for a finders free to get a finder's from them. This all sounds fishy to me.
I couldn't find one on the site but here's a sample of a letter of intent you can check out, maybe even be able to download it:
http://www.docstoc.com/docs/16084/Letter-of-Intent---Real-Estate-Acquisi...
Please don't sign anything you don't understand, make sure you know exactly what you're doing before you agree to anything. Keep me posted...
God bless,

I am in the begining stage and i understand some of the terms but not all. is there something else to this wholesailing,that i missed.

Where can I find a purchase contrat? I tried to use the resource section on Dean's homepage but I am denied access. Also, will need to find the other contracts I will be using to finalize deals. Can any one help?

First you should have your Buyers list in place,second once you find a property and get it under contract,and you have your buyers list,contact your buyers,which ever buyer wants the property,you can do an assignment of Contract and sign over your interest in the property to them for a fee.

Hope this helps

Good Luck & Good Investing
whurndon

I have plenty of "great deal properties", but I am having trouble building my investor's list. I've spent a great deal of time on the internet, I've posted on Craigs list....Any other Investors list via the internet that you can direct me to? I'm in South Carolina, so I doubt that we'd be in the same market. Please reply with ANY ideas to find the investors before all these GREAT DEALS get GONE!!!!!!! Thanks, Donna.

Go to Google and in the search bar type in (FREE CLASSIFIED ADS). Sign up for all free accounts and place ads.Join Facebook there are alot of investor groups there.If you have a webcam,make a video of your business and upload it to Youtube and Tubemogul,Tubemogul will put your video on five major search engines.Also search for Investors signs (WE BUY HOUSES).

whurndon
H&H PROPERTY SOLUTIONS LLC

I Used this contract to flip houses, And Have other contrats that I used and easy to used. You Can Make copys of it or You can contact me.

IMPORTANT DISCLAIMER:

This form is provided 'AS-IS' without any warranty of any kind, expressed or implied, statutory or otherwise. Any use of this form is at your own risk.

While the information contained herein is designed to provide accurate and authoritative information in regard to the subject matter covered, it is offered with the understanding that the presenter(s) are not engaged in rendering legal, accounting, or other professional service. If legal advice or other expert advice is required, the services of a competent professional should be sought.

Personal Note from EG:

This is a simple, 1-page option agreement that many folks popularly refer to as a “Flexible Option”. Basically the main difference between this and an ordinary option is that it removed all risk for the seller/Optionor by giving them an easy “out” at any point before you decide to exercise your option. And it’s non-exclusive.

Great uses for this option in my business:

To gain an equitable interest in a property that I may or may not be able to find a buyer to quick-flip it to. It’s an easy sell to the homeowner, “Let me give it a try – with this flex option in place I can try and drum up a buyer with no risk to you…if you find someone else before I do, no problem. You can just cancel our agreement in writing and we go our separate ways.”

To gain an equitable interest in another investor’s deals, to see if I can find a buyer for them and get paid in the middle.

To give other investors the ability to shop my deals to their buyers.

"Option to Purchase Real Estate Agreement"

I.Contract Date: ________________________
II.This Option Agreement is made between the following parties:
1._________________________________________, hereinafter referred to as “Optionor” and
2.__________________________________________, hereinafter referred to as “Optionee”.
III.Real Property: The Optionor agrees to grant an option to purchase to the Optionee, the land and
improvements known as:_________________________________________________________
IV.Offer: Optionee has the option to purchase this property for the price of $_______________.
V.Period: 14 days, beginning on the contract date and ending on _______________________.
VI.Terms and Conditions:
1.Optionor understands that Optionee intends to find an End-Buyer (i.e. new buyer) and assign this Option Agreement to End-Buyer for a fee (to be paid by End-Buyer).
2.Optionor understands that Optionee is acting as a principle in the transaction and is not working as a real estate broker representing anyone other than himself in this transaction.
3.Upon Optionee exercising of this option, both parties agree to move forward with the necessary standard purchase and sales agreement.
4.Optionor may cancel this agreement at any time at any time prior to exercise should he find his own Optionee or tenant or decide not to sell. This cancellation must be done in writing.
5.Optionor grants Optionee access to the above property for showing to prospective buyers, contractors, or appraisers, along with the right to put signage in the yard advertising the property for sale.
6.If Optionee does not acquire an End-Buyer within 14 days of acceptance of this Option Agreement, this agreement becomes null and void.
7.All parties agree that property is being sold in present “as is” condition.
8.Optionor must ensure that proper insurance is maintained on the property.
9.Optionor grants this option for the consideration of ten dollars ($10.00) and other valuable consideration.
10.Time is of the essence in this agreement.
VII.Additional Terms: __________________________________________________________
____________________________________________________________________________
____________________________________________________________________________

Optionee: _______________________________________________________ Date: ____________
Phone/Email/Fax: _____________________________________________________________
Optionor: _______________________________________________________ Date: ____________
Phone/Email/Fax: _____________________________________________________________

TUBEMOGUL? Five major search engines? That's huge! I've never done this but what you just shared is priceless, literally priceless. I'll have to work on this MONDAY! Tubemogul, got it!!!

Thanks for sharing!!!!!

Simplicity Alas ... Thanks