Wholesaler · Kalamazoo, MI · Member since 2023 · 8 posts · 1 vote
Hello, im new to the industry and was wondering if anyone could provide insight on how to write the contracts for wholesale, or if someone knows of a tool for writing them. Any additional tips for someone starting out would be greatly appreciated. Thanks!
This might get some push-back from others, but I would try to use the standard contract in your area as much as possible. You can have an attorney craft an addendum, but keep it mega short...a paragraph if possible. We not only have a mortgage company and a real estate investment company, but also a realty practice. We work with a lot of investors and we often get a ton of confusion and push-back from other agents, title companies, and customers at anything that looks different. You might here "that's there problem...that's not a big deal", but it has been my experience that if they don't understand it, they will work with someone that has something they do understand. Attorney crafted contracts can freak people out. I'm in Florida, so there I would suggest the standard FAR/BAR contract while writing any additional terms, crafted by your attorney as simply as possible, either in section 20 or have section 20 say "see attached schedule A"..something like that. Realtors and title companies are comfortable with that they know. That would be my advice, but definitely have an attorney add things that might be necessary to your business. Good luck to you!