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Updated over 6 years ago on .

User Stats

120
Posts
18
Votes
Dave S.
  • Investor / Wholesaler
  • Erie, PA
18
Votes |
120
Posts

Wholesale of property - What to put on the Contract

Dave S.
  • Investor / Wholesaler
  • Erie, PA
Posted

Ok, long story short, I put a property under contract with the intention to wholesale it. The property owner has agreed to the contract but now has a lawyer reviewing it (believe its a state requirement - for their home state and not where the property resides), so they are used to this process and is thinking it will make the transaction easier. As a result we agreed to purchase the house AS-IS but we wanted an "out" just in case I couldnt find anyone (for whatever reason) and we put down a mortgage contingency but didnt fill out any of the specifics. It hasnt happened yet but we believe the lawyer is going to flag this. Im wondering what we can put down (mortgage contingency or not), that will give us the out if needed. Thoughts? Recommendations?