Real Estate Investor · El Cajon, CA · Member since 2012 · 21 posts · 9 votes
For those of you who are both Realtors and Investors, when you're negotiating with a home owner, do you use your standard Realtors contract, or do you use a different one? Also, will it change if you are planning on wholesaling the property?
You should make life easy for yourself and use state contracts. Most title companies will take you more serious when using standardized contracts. Regulations on title companies are strict so most don’t play around with contracts they are not familiar with.
I am no longer an agent but when I was I never used the board of realtors contract. I did include a clause saying I was an agent but not acting as an agent nor representing my broker in this transaction.
The reason I did not use the Board contract is it did not represent my offer. My offer Is MY offer, not what an agent or board wants me to offer.
Now this was only done with unlisted properties, which was the majority of my offers. If I was making an offer on a listed property I would use the State Board contract.
You should make life easy for yourself and use state contracts. Most title companies will take you more serious when using standardized contracts. Regulations on title companies are strict so most don’t play around with contracts they are not familiar with.
Additionally, check into the ethics section of your state real estate license board to see if you are required to disclose that you are a licensed real estate agent.
I also agree with the other posts that it is better to use the board's PA. Just make sure that you cross off the areas of the contract that do not apply. Using a standard real estate contract is a better protection for both parties.