Newbie here: I have my HELOC now, and I think I have a good deal.

[Kimberly Ranz]

So, 

I have been doing my homework, and now I am getting ready to do final negotiations with the wholesaler. I know what he purchased it for, and he is only asking for about $4k, which is fair I think. 

Once we strike a deal. Who draws up the contract? I am not a realtor, and I heard I can just use a title company to close the deal. What are the risks of not using a RE attorney? Or will the Title company have an attorney? Should I get my own or feel ok using his? 

 We will not close for about 90-100 days given the auction type. 

[Joe Norman]

Congratulations on negotiating your first potential deal.  Here are a few notes/ideas/comments:

• Your total price (contract price + wholesale fee + ancillary costs) is what determines whether it is a good deal or not - don't focus on the wholesaler's assignment fee (i.e., if he's assigning you a $70k property for $100k + $4k then its not a good deal).
• Generally a wholesaler is going to require that you use their title company, which usually isn't a problem if you have experience but as a first time buyer you could get railroaded by a title company/lawyer/wholesaler who doesn't have your best interest at heart - buyer beware.
• Generally the wholesaler is going to have his own assignment contract that protects his interests.  Thats not necessarily a bad thing, but again - buyer beware.
• I suggest you get an experienced mentor to take a look at the numbers and really confirm that this is a good deal from a reliable wholesaler, I'd hate to see you get burnt on your first deal

Good luck!