I am a new wholesaler and I have sellers and buyers but I am confused on the process of contracts. How should these deals be structured so that I get paid?
Three easy steps
1. Agree on a price with the buyer and get a contract/ you can find a contract on the BP filespace but make sure to run it by an attorney to modify it for state and local regulations.
2. Find a buyer. Buyer signs an assignment that observes the price you have the property and your finders fee. Assignment contract can be found the same way.
3. Take both contracts to your title company. They will run title and when that clears both parties will close. The title company will let you know and you can pick up your check.
Hope that simplifies things
Ok what if I want to do a purchase agreement but want to make sure I have a way out if I cant find a buyer?