Signing P&S agreement as wholesaler

[Samuel Kelly]

I am a beginner Real Estate Investor and I had a question about signing the purchase and sale agreement with the seller. I was unsure when you both signed it, because I know primarily you will do deals over the phone but how do you sign the contract over the phone? do you both sign it once you take a trip to the house to look at the interior?

[Charlie MacPherson]

@Samuel Kelly I don't mean to sound harsh, but you're already WAY out of your depth. 

You're about to sign a contract that says you will buy someone else's house and you don't even know how to sign it - plus you haven't even seen the inside of the house yet!

How did you arrive at the price?  Do you have comps to support it?  What repairs are needed?

Are you planning to assign the contract, or close on it yourself?

If you plan to assign it, you're most likely practicing real estate brokering without a license.  If you plan to close on it yourself, you're in the clear as far as brokering law goes.

And if your intent is to assign the contract, what will you do when you can't find a buyer?  Just walk away - i.e., screw the seller?  Best to check the law - and your ethics.

You need a good real estate attorney to walk you through this before you or the seller gets hurt.