Contracts and Closing for Wholesale Deals in Milwaukee County, WI

Ariana Pope · 2019-03-02T19:17:07-08:00

Hi, I am trying to close a deal in Milwaukee County, WI. I understand that these questions may be redundant but I am looking for some help from someone as soon as possible who may have some knowledge in this area. My first question is what contract type of contract is better to use in this area to close a deal with. I understand that what I do is creative real estate investing but I know that because I am a novice someone may know what works better. My second question is what may be a better method to close a deal in Milwaukee County, WI through a title company or an attorney or other way? If there is a a contract that any one has handy that I may use that works best for wholesaling property in Milwaukee County, WI? I know that last question was out of order, but my last question is does any other have a step-by-step guide I may use to close this deal after under contract? This would be a great helpline for me for closing this deal. Thank you so much!!

Joshua Martin

Investor · Milwaukee, WI · Member since 2016 · 389 posts · 193 votes

7y

Hey @Ariana Pope,

I would just use the WB-11 Wisconsin Offer to Purchase for the contract itself, it doesn't matter that you're not a licensee and it's better should you, god forbid, ever end up in court if this contract was used. If you search WB-11 Wisconsin I bet you'll find a PDF of it and can download there. Just read through it, get familiar with it, and strike out all 3 options on the first couple lines since you'll be a principal in the transaction.

You'll have to fish around for an assignment of contract though, or I'm sure real estate attorneys will have them on hand. I've seen them as thin as 4 sentences and as long as a densely written full page. Pretty simple concept though.

Hope that helps to get you started!

1 Reply

Jeremy Trad

Real Estate Broker · Milwaukee, WI · Member since 2016 · 121 posts · 81 votes

7y

Hey @Ariana Pope,

@Joshua Martin

@Joshua Martin hit it right on the head. Always use state approved docs whenever possible (start with "WB-" then numbers.) Many gurus will tell you to just use theirs, but the "Wb" contracts are already good to go in Wisconsin. Take the time to familiarize yourself with them. Also, since you're a principal in the transaction, make sure to strike all the agency options at the top of page 1 as Josh mentioned. Regarding the assignment, I would check in with your local real estate attorney to see if they have something you could use. Closing could happen at either, though Realtors tend to close at title companies. For Milwaukee title companies, you should check out the three below. Hope this helps!

~Jeremy

Title Companies:

-1st Service Title and Closing

- Knight Barry Title

-Land Title and Closing Services

1 Reply

Rebecca KnoxBusiness Member

Specialist · Milwaukee, WI · Member since 2014 · 1k+ posts · 1k+ votes

7y

I would not recommend Knight Barry Title for wholesale deals----I just closed a deal using them because the seller chose them and it was really a nightmare. It ended up closing but I literally had to walk the closing officer through the process. After 4 closing statement revisions, they finally got it right.

I use Jackie Brown from Land Title and Tammy Kloehn from Stewart--they are both equally awesome.

I would recommend you understand the wholesaling process BEFORE you get any property under contract. That may mean joint venturing with someone else and splitting profits to achieve that but any successful investor in it for the long haul realizes education and connections are an investment in your business and are vital in building your reputation in the industry on the right foot.

If your intent and you have the funds lined up to buy the property if you can't wholesale it, then I agree to use the WB-11 and on the Brew City REI Training Cafe menu, Atty. Taylor Rens offers flat rate contracts and one of them is the Assignment Contract.