OfflineI have attached a proposal to purchase that my realtor will use for my offers with me being a wholesaler and selling to an end buyer. is this offer good or should i have him use a different one? thanks
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ProposalToPurchase.pdf (34.92 KB)
Just looks like a standard purchase offer. Looks good to me. Don't see where it has anything to do with wholesaling or selling to a "end buyer".
Are you thinking of getting a MLS listed property under contract and then "wholesaling" it to an owner/occupant type buyer or to a rehabber/landlord type CASH buyer?
Michael Mangham
Mentoring/Team Building Nationwide
MD Home Acquisitions LLC
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yes, that is my plan!
This is not an offical contract. It looks like a simplified form that is easier and faster to fill out to find out if there is any interest in the offers you are putting out. When you find someone interested you will fill out an offical with the terms laid out in the Purposal to Purchase. Looks like they are trying to simplfy things to get a lot of offers out.
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As the contract states this is a preliminary offer. I don't know if your state requires it, if it is just customary, or something your agent wants to use.
I'm not a big fan of preliminary offers or letters of intent because they are not binding and the seller can change their mind, or if they get a better offer, you loose the deal-nothing you can do about it.
Also, in item 4 you are asked to prove that you have sufficient assets to close on the deal. If you do, then disclose it and you are fine. However, if you don't have the cash and need to assign your contract, you will need to disclose that fact in item 5. This may be problematic in that the seller may not want you to assign it.
I hope this helps.
Good luck in your business.