Is there a form to use when making a wholesale offer on properties listed on the MLS?
Your standard Realtor contract, with the right to assign if that's your plan.
So there's a right to assign addendum?
Are you an agent? I don't know your local contracts, usually you can just add the verbiage in the contract, if it doesn't address them.
Yes I am a licensed agent in Texas. I want to make sure I do this right, since I just started working with a wholesaler. I don't want to get either of us in trouble!
going by memery here from seeing another post I think Texas does have a 'or assigns' addendum...
I asked 6-8 people this question yesterday and I got 5-6 different answers and 2-3 "I don't know".
Then I attended a networking meeting last night and asked someone from a title company. She said there is no addendum or special form. On the standard TREC contract, in the space where you enter the Buyer's name, just tack on "and/or assigns" and that's it! How easy is that?
That's usually how it works. In VA, I also add either a blank addendum or add it to a section I believe is called "other terms and conditions" on one of the pages. I write, "Purchaser has the right to assign this contract to a third party buyer." Something along those lines. So far I have had 0% success submitting offers like this on MLS properties. But, then again, DC and VA kind of stink for this. I bet Texas is much better.
Create Lasting Wealth Through Real Estate
Join the millions of people achieving financial freedom through the power of real estate investing