Experienced Wholesalers in New York: Question about the contracts you use.

I'm not super-experienced in wholesaling, but I use the standard Board of Realtors contract and an assignment agreement (very simple, just states my fee, deposit, etc.) My local BOR is assignable and well worded. But, there are some (like the Niagara County BOR contract) that are a million pages long. Blah.

For double-close, my contract as the seller is a little more detailed with disclaimer about the condition of the property, etc.

Edited: 06/26/2010 at 09:40AM

Ken B

· New York

28 posts
69 Influence
1 Award

Icon_minipost Sep 11 '09, 02:59 AM

Awesome! Thanks for the reply Valerie. My first deal that I have been working on has been a nightmare for me, but thanks to some good people that are helping me out as well as the BP community, I am learning a lot(both the easy way and the HARD way). Hopefully I can get things done soon!

If you don't mind me asking, how long have you been wholesaling properties?

Edited: 06/26/2010 at 09:40AM

Valerie Pedigo

· Panama (South of Buffalo), New York

77 posts
505 Influence
3 Awards

Icon_minipost Sep 11 '09, 10:46 PM

I'm sure you will get it all smoothed out! Research is key and you are way ahead of most - as most people just talk about starting.

I have been investing for several years - flipping and holding a few rentals. I recently started wholesaling, and have completed a few transactions.

Good luck to you and thanks for the colleague request! Let me know how your deal turns out!

Edited: 06/26/2010 at 09:41AM

Ken B

· New York

28 posts
69 Influence
1 Award

Icon_minipost Sep 13 '09, 10:37 PM

Thanks Valerie! I'm looking forward to sharing some success stories in the near future. In the meantime..back to the grind and the stress of working on my deal. lol

Edited: 06/26/2010 at 09:42AM

Babs Wagner

Real Estate Investor · Latham, New York

10 posts
15 Influence

Icon_minipost Dec 18 '09, 09:01 AM

My partner Ken and I are wholesalers in the New York Capital District. We have used the Multiple Listing Service Standard Purchase & Sale Agreement for most of our deals. It must to be used when purchasing properties listed on the MLS, but for FSBO's, we are in the process of refining (with our attorney) a simple two-page contract that's more to the point. On the MLS contract, we have to cross out so many things that just don't apply and add wording to protect us based on our exit strategy. There are many forms that have to be attached in New York, so if you want more advice, you can email me at [REMOVED]

Babs

Edited: 06/26/2010 at 10:54AM by Administrator : Contact info must be contained in your signature

Yamah O.

Real Estate Investor · Flushing, New York

1 post
-6 Influence

Icon_minipost May 05 '10, 03:29 AM

Hey,

I'm just starting to wholesale Deals in nyc, I just find it a bit different coming from MD. Is there anyone who can help me get started? Right now i'm stuck with the contract issue. If anyone wants to send me a copy of blank forms it would be great. Email: [EMAIL REMOVED] or call me [PHONE NUMBER REMOVED] thanks!

Edited: 06/26/2010 at 12:43PM by Moderator : contact info in signature, please