Wholesaling in California

5 Replies

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...

P&S Contract:

https://assets1.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!

Jesse

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!

- Jessie