Updated about 15 years ago on . Most recent reply
Wholesaling help and answer
Hi everyone, looking for some help or advice on a possible wholesale going wrong...
Right now I have a seller who's looking to sell and a buyer already in the works... This happened so fast I really didn't have time to really figure out my exit stragedy and now I'm in a pickle...
My main concern here is;
1. The right and legal paperwork here for my State of Michigan. I am newly licenced also, so I'm even more confussed if I have to use the long 6 page agreement with the seller or can I use a basic P&S agreement through my LLC.
2. Also, how am I'm going to want to set this up for closing with a title company for both parties and myself to collect a check.
Long story short, I have nothing legally binding on this home, only an unrecorded option... But this seller is totally on board with me helping her out... The buyers on board also, but is only approved for a loan for the amount I'm asking... This turned out to be not a cash deal like I was figuring... Both these parties are eager, ready and waiting...
Any help would be greatly appreciated...
Most Popular Reply
Congrats on the deal! If I am reading correctly, you are licensed? As an agent? If that is the case, just do a listing agreement to get put on the HUD. It does make it much more complicated when the buyer is getting a loan. If your fee is not too much, do an assignment of contract for the option. The assignment fee will pay you for the option. This will only work if the buyers have the cash to pay you out of closing. If you have any questions or want some more advice, I would gladly give you 15 minutes of my time to explain it in detail. Good luck!