Purchase Contract

[Joseph Ziolkowski]

Hi BP,

At the start of the new year I want to hit the ground running with my wholesaling business. I'm 20 years old and I am starting my business 50/50 with my private lender (my aunt). She is supplying the capital, while I do all the other work. Anyway, I have been interning for a local real estate investor for over a year now. The way he wholesales is by purchasing houses outright and then turns around and sells them usually a couple of weeks later. However he is a broker and is required to use the state legal residential offer to purchase contract when he buys houses. At first I was going to use this same form, but it's 9 pages long and I feel a little long and kind of confusing. I know I could sit down and really learn the contract, but does anyone else have a shorter, more simple purchase contract they use with verbiage that protects you as the buyer and allows you to back out of a deal if something comes up with the inspection, etc?

Thanks

[Michael Mullins]

do you understand that a seller might be turned off with any type of legalese or nine page document. I'm not sure how your state is but I would certainly locate a trusted real estate agent and have them drive to something with legally binding but something that an 8th grader would understand. 

Something that anyone can understand and wouldn't be frightened to sign and do understand never use the word contract in front of the seller it's always paperwork.

Hope this helps, good luck.