Dupont, WA · Member since 2017 · 42 posts · 5 votes
Hello BP!
I'm just trying to get some clarity. I will be wholesaling in the Tacoma area and I want to ensure my Sellers sign off on the proper forms. Would I need to present my Seller with a P&S agreement, Form 17 as well as Form 35 all at the same time?
I'm concerned about overwhelming my Seller with paperwork, however from my understand, it is Washington State Law to have form 17 and form 35 included with all P&S agreements.
Tacoma, WA · Member since 2016 · 4 posts · 4 votes
9y
The best thing you can do is talk to a lawyer. They can draw up a contract that you can use over and over in your wholesaling efforts. Also, you have to be very careful in Washington when doing deals on properties in pre-foreclosure.
Ahhh okay, my inspection contingency in my P&S agreement reads:
This agreement is at the sole subjective discretion of the buyer and subject to the final inspection and approval of the property by the buyer, 20 business days after the date this contract is received by buyer.
..you're saying that as long as I have some verbiage along these lines it negates me having to have a separate Form 35, correct?
However, can I still follow-up with a Form 35R (My response to the inspection addendum)?
And lastly, Form 17 would still have to be included with my P&S agreement correct?
Tacoma, WA · Member since 2016 · 4 posts · 4 votes
9y
The best thing you can do is talk to a lawyer. They can draw up a contract that you can use over and over in your wholesaling efforts. Also, you have to be very careful in Washington when doing deals on properties in pre-foreclosure.
Real Estate Investor · Seattle, WA · Member since 2014 · 156 posts · 141 votes
9y
Yeah, if you have some verbiage in the contract you don't need separate form 35, but you need to make sure your contract covers what happens with your earnest money if you don't like the inspection.
It's a good idea to have an attorney to read through it and make sure it's good for our state and covers what you need.