Florida Wholesalers

30 Replies

Hello all,

I was wondering what the local (SoFlo) wholesalers are using as a contract?

I see here in the resources link that there is a As IS contract for sale and purchase.

Is this what most people are using? If so, is it used for both the offer to the buyer and then another for the assignment?

Thanks for your help.

William Manzie I just use a contract I personally made and then another one to assign it and then another contract if I'm double closing with a cash buyer. Just pick a contract you like and add all the necessary contingencies. Good luck!

Thank you @Ana Garcia. 

I heard lots of people saying to use the Florida realtors contract. 

Have you had any issues?

Yes I've had one issue. I forgot to put that buyer pays all closing costs into my contracts and one time I had to pay a sellers closing costs ($2,500!). Since then I've added that my buyer pays all closing costs and haven't had any issues since. Also, I don't think a florida contract is good because it's so darn LONG! But what do it know, I've only done two deals so far with two more in the works. The two title companies I've used so far have had absolutely no issues with my contracts. Closings went just fine and I got paid.

Would you please share your contracts @Ana G. ? I also live in South Florida and would like to rest assured using something that has worked.

Thanks.

Jonathan Breines William Manzie Yes I can share my contracts but I am NOT an attorney and you'll need to have them look it over before you use it. Send me a PM and I'll send it over!

I never liked the Fl Bar, but realtors often insist on it.

A shorter 2 page contract seems fine, until you run into a problem that's not covered in that contract.  That's why the realtor contract is 9 pages.

Originally posted by @Carlos Coppin Jr :

@William Manzie

 I'm using the standard as is Floirda Realtors contract.  And yes @Ana G.

 is correct it's very long but I never have any issues using it.  Sellers are always very comfortable with it.

Carlos

 Carlos, I don't see a section that says "and/or assigns".

Did you add it or am I missing it?

@William Manzie You might be missing it because it's there.  Just look for: ASSIGNABILITY its usually in bold and there's a check box next to it.  it's up to you to check buyer may assign or buyer may not assign. 

If you want to PM your contract I'll be happy to help you look for it.

Carlos

Medium ccj investments group logo resizeCarlos Coppin Jr, CCJ Investments Group | [email protected] | 954.856.9628 | http://www.howtosellmyhomeforcash.com/

Thank you @Wayne Brooks and @Carlos Coppin I see it in paragraph 7.

I was expecting to see in the first two lines.

Bill

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Originally posted by @Ana G. :
Yes I've had one issue. I forgot to put that buyer pays all closing costs into my contracts and one time I had to pay a sellers closing costs ($2,500!). Since then I've added that my buyer pays all closing costs and haven't had any issues since. Also, I don't think a florida contract is good because it's so darn LONG! But what do it know, I've only done two deals so far with two more in the works. The two title companies I've used so far have had absolutely no issues with my contracts. Closings went just fine and I got paid.

 Hey Ana can you recommend title companies to use for wholesale closings? I'm in the process of putting together a deal would duly appreciate it!  

Cheers 

@Mario Riley Independence title in Ft Lauderdale does a lot of investor deals.  I have an attorney here in WPB but I'm hesitant to send anyone to him with a bunch of "maybe" wholesale deals that just fall apart and waste a lot of time.

Originally posted by @Wayne Brooks :

@Mario Riley Independence title in Ft Lauderdale does a lot of investor deals.  I have an attorney here in WPB but I'm hesitant to send anyone to him with a bunch of "maybe" wholesale deals that just fall apart and waste a lot of time.

 Ok thanks @Wayne Brooks I totally understand time is money and I wouldn't want to waste his time, I hate when it happens to me.  I want to make sure I have serious buyers before I move forward, as of now just setting all my systems in place before we start aggressively marketing.  

Do you know of any REI clubs or groups down in this area? I joined on in north palm beach that meets once a month, but would love to find one down south.

@Mario Riley

Palm Beach REIA. 1 nightly meeting per month, one lunch meeting. Both meetings close to PB Lakes Blvd and Village Blvd.

Originally posted by @William Manzie :

Hello all,

I was wondering what the local (SoFlo) wholesalers are using as a contract?

I see here in the resources link that there is a As IS contract for sale and purchase.

Is this what most people are using? If so, is it used for both the offer to the buyer and then another for the assignment?

Thanks for your help.

 Hello William,

I be happy to give a you a copy of the Far/Bar as contract if you still need it.

Originally posted by @Mario Riley :
Originally posted by @Ana Garcia:
Yes I've had one issue. I forgot to put that buyer pays all closing costs into my contracts and one time I had to pay a sellers closing costs ($2,500!). Since then I've added that my buyer pays all closing costs and haven't had any issues since. Also, I don't think a florida contract is good because it's so darn LONG! But what do it know, I've only done two deals so far with two more in the works. The two title companies I've used so far have had absolutely no issues with my contracts. Closings went just fine and I got paid.

 Hey Ana can you recommend title companies to use for wholesale closings? I'm in the process of putting together a deal would duly appreciate it!  

Cheers 

 Sorry for the late response. I also use independence title. They are the best in Fort Lauderdale/broward!

@William Manzie Hi William, I am with a very investor friendly title company here in Florida and on the title side of things we do not care what type of contract is being used as long as all terms and info is provided and clear such as the buyer/seller, property info, sales price, deposit amount, assignability, who is paying title insurance, any special terms like buyer pays all etc. I have even received a contract on a single piece of paper and the assignment of contract on a napkin. No joke! If you have any questions or need help with anything please feel free to call or email me anytime. I love building relationships!

Medium logo reducedRyan Kopczyk, Southeast Professional Title | [email protected] | 407‑539‑0781