To my California Wholesalers,
Are there any specific P&S and Assignment contracts you guys are actively using to wholesale properties in California? Are you guys using your own customized contracts or a C.A.R contract? Is there any preference as to which contract I should be using? Also do you know if most escrow/closing agents prefer to work with a particular contract when performing an assignment or double close?
I currently have a P&S and Assignment contract that I found on the BP FilePlace, I read it over extensively and it looks pretty solid.
Assignment Contract: https://assets0.biggerpockets.com/uploads/user_fil...
What do you guys think? If you guys can share as to what contracts you are using and where I may find a copy of these I will be very thankful!
You could use the CAR contract if you want but will need to have the seller sign a Assignment of Agreement Addendum (which also is provided by CAR).
Title companies don't really care which contract you use. I have a feeling they'll even accept a napkin with crayon writing lol
Your P&S contract talks about the buyer getting a mortgage. I would change that to private funding as it's not the same process as getting a mortgage. You may scare the seller into thinking "oh this guy wants to get a mortgage...he's never gonna get approved for this house"
Thanks for your valuable feedback. You answered all my questions. I feel confident that this P&S and Assignment contract will serve me well. I feel like it has everything I need and expect. I plan to move forward with it instead of the CAR contract. I also agree with you, the mortgage part was a bit odd to me as well. It's great that you mentioned that. Thankfully I now had it removed.
You helped me out greatly, it's very much appreciated!
Hi @Tricia Watts I've found these podcasts by WholesalingInc to be very helpful: http://www.wholesalinginc.com/podcast/. I'm in a similar boat looking for a mentor (in the Bay Area) and am going to a BP meet up tonight.
yes i listen to those! thanks!