good contract to submit an offer to a wholesaler

Amelia Court House, VA · Member since 2014 · 42 posts · 4 votes

I have a property that I have looked over from a local wholesaler and I am interested in making an offer on it a little bit below his asking price. I would be purchasing this property for my first fix and flip. I don't want to use my normal residential real estate contract. and I would also like to have a contingency put in there that states my offer can be rescinded if the results of my mold and asbestos inspection come back bad. Can anyone help me out?

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Brie SchmidtBusiness Member
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Real Estate Broker · Chicago, IL · Member since 2013 · 6k+ posts · 5k+ votes
10y
@Will Martin - If he already has it under contract then chances are he will assign the existing contract to you. But you could write an amendment / addendum to that contract adding in that contingency. Usually it will already have an inspection contingency that those items will fall under
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Will Martin
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Amelia Court House, VA · Member since 2014 · 42 posts · 4 votes
10y
Thank you very much @Brie Schmidt! Your right. He does have a contract on the property so I guess it would just get assigned to me if we agree on a price. I have never worked with a wholesaler before but I do remember hearing that. Thank you for your help!
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