Wholesaler just starting out
Hello,
I am brand new at wholesaling and was looking for some information on where to get the contracts. Are there 2 different contracts (between seller/wholesaler, and wholesaler/buyer)? And where could I get these in a legal, professional way? Also, who actually puts down the earnest money on a wholesaling real? Should I expect to do that after I get a deal under contract, or should I ask the buyer to? Thanks for any help!
Most Popular Reply
@Somer Wheat Basic contracts are the purchase and sale agreement between seller and wholesaler; the assignment contract between wholesaler and buyer. There are also NCNDA, Joint ventures, option agreements, addendums, etc. Just do a google search. There are lots of free wholesaling contracts.
It's a good idea to get your lawyer to review them.
The wholesaler can do a small EMD for say $10 to $100. Larger one's look better. Your buyer's EMD should be larger, say $5K or more.
If you have a good buyer right away and someone you know, you could actually flow through the buyer's EMD to the seller if you time it right.