Wholesaling Real Estate Contracts

Wholesaling
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Wholesaling Real Estate Contracts

Christopher Smith
Rental Property Investor · Goldsboro, NC · Member since 2019 · 44 posts · 33 votes

Quick Auestion? What is the best contract for a Purchase & Sell Agreement ive seen alot but they are all diffrent. Even the ones for NC but i dont think its for someone Wholesaling. Another thing? How do i protect myself in the contract? How do i put it so i dont get stuck with the property? Or stuck having to pay it?

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Jerryll Noorden
Flipper/Rehabber · Wilton, CT · Member since 2015 · 4k+ posts · 4k+ votes
6y
Originally posted by @John Thedford:
Originally posted by @Jerryll Noorden:
Originally posted by @Christopher Smith:

 Don't mind him. I think a wholesaler killed his cat or something.

 I am destroying a fraud this week. Sending a seller a copy of an ad on their house they think is sold. Should be fun exposing the crook!

Unlicensed broker frauds can't stand the truth and being exposed.

 Honestly, I love that you take it upon yourself, to be the vigilante to expose the frauds. But may I suggest something.

I think, that you make too quick of an assumption that people are frauds. I have seen you attack people that asked a question about wholesaling,  WHILE they have a real estate licence. Why not first figure out whether they are frauds or not before you go all out attacking them.

Just now someone asked if it is a good idea to have a website marketing for motivated sellers and your response was immediately that it is illegal marketing properties without a licence, but she was not at all even asking about marketing properties. She was asking how to FIND properties.

So sure dude,  thank you for looking out for us, hell, get a pink cape and a mask if you like.. but calm down a bit no?

13Reply
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  • Jerryll Noorden
    Flipper/Rehabber · Wilton, CT · Member since 2015 · 4k+ posts · 4k+ votes
    6y

    I use a standard purchase and sales agreement. Just make sure it is assignable.

    But I may not be the best person to ask this. I honestly have no idea about contracts and such.

    Know this. The original contract I had came from a guru package I bought. My Attorney HATED that thing so he just gave me a standard contract. Go figure

    3Reply
  • John Thedford
    Real Estate Broker · Naples, FL · Member since 2013 · 9k+ posts · 6k+ votes
    6y

    How do the sellers protect themselves from frauds representing themselves as buyers when the have no intent to actually buy the property?

    6Reply
  • Christopher Smith
    OP
    Rental Property Investor · Goldsboro, NC · Member since 2019 · 44 posts · 33 votes
    6y

    @John Thedford

    Are you calling me a fraud?

    1Reply
  • Christopher Smith
    OP
    Rental Property Investor · Goldsboro, NC · Member since 2019 · 44 posts · 33 votes
    6y

    @Jerryll Noorden

    Thanks so much

    0Reply
  • Christopher Smith
    OP
    Rental Property Investor · Goldsboro, NC · Member since 2019 · 44 posts · 33 votes
    6y

    @Jerryll Noorden

    Also where would be tge best pkace to find this? Just a title company ?

    1Reply
  • John Thedford
    Real Estate Broker · Naples, FL · Member since 2013 · 9k+ posts · 6k+ votes
    6y
    Originally posted by @Christopher Smith:

    @John Thedford

    Are you calling me a fraud?

    There are a lot of frauds misrepresenting that they are buyers with no intention of actually buying the property. Your post asks how to not get stuck with the property. I think the answer to your question is clear.

    3Reply
  • John Thedford
    Real Estate Broker · Naples, FL · Member since 2013 · 9k+ posts · 6k+ votes
    6y
    Originally posted by @John Thedford:

    How do the sellers protect themselves from frauds representing themselves as buyers when the have no intent to actually buy the property?

    I answered your question. You avoided mine.

    0Reply
  • Christopher Smith
    OP
    Rental Property Investor · Goldsboro, NC · Member since 2019 · 44 posts · 33 votes
    6y

    @John Thedford

    So your saying that it was pointless for you to put a input on a post that your not intending to help. Im a wholesaler not a fraud if you have no intention to input any valueable info then its best that you keep moving

    4Reply
  • John Thedford
    Real Estate Broker · Naples, FL · Member since 2013 · 9k+ posts · 6k+ votes
    6y
    Originally posted by @Christopher Smith:

    @John Thedford

    So your saying that it was pointless for you to put a input on a post that your not intending to help. Im a wholesaler not a fraud if you have no intention to input any valueable info then its best that you keep moving

    My posts are meant to educate sellers so they don't get scammed by unlicensed broker frauds.

    1Reply
  • Christopher Smith
    OP
    Rental Property Investor · Goldsboro, NC · Member since 2019 · 44 posts · 33 votes
    6y

    @John Thedford

    Then go educate the seller and stop wasting your time here bye

    3Reply
  • John Thedford
    Real Estate Broker · Naples, FL · Member since 2013 · 9k+ posts · 6k+ votes
    6y
    Originally posted by @Christopher Smith:

    @John Thedford

    Then go educate the seller and stop wasting your time here bye

    These are public forums for all to participate.

    0Reply
  • Russell BrazilBusiness Member
    Moderator
    Real Estate Agent · Washington, D.C. · Member since 2012 · 17k+ posts · 30k+ votes
    6y

    Entering into a contract to purchase a property, with no intention of or ability to close on the property my be perceived to be what is called fraud by inducement.

    [email protected]301-893-4635Podcast Guest on Show #192
    District Invest Group545 Reviews
    WebsiteView Page
    1Reply
  • John Thedford
    Real Estate Broker · Naples, FL · Member since 2013 · 9k+ posts · 6k+ votes
    6y
    Originally posted by @Russell Brazil:

    Entering into a contract to purchase a property, with no intention of or ability to close on the property my be perceived to be what is called fraud by inducement.

    Yes it is. This harms sellers but that is no concern to some that will do anything for a buck. 

    0Reply
  • Jerryll Noorden
    Flipper/Rehabber · Wilton, CT · Member since 2015 · 4k+ posts · 4k+ votes
    6y
    Originally posted by @Christopher Smith:

     Don't mind him. I think a wholesaler killed his cat or something.

    6Reply
  • Christopher Smith
    OP
    Rental Property Investor · Goldsboro, NC · Member since 2019 · 44 posts · 33 votes
    6y

    @Jerryll Noorden

    Dearly noted lol thanks

    0Reply
  • John Thedford
    Real Estate Broker · Naples, FL · Member since 2013 · 9k+ posts · 6k+ votes
    6y
    Originally posted by @Jerryll Noorden:
    Originally posted by @Christopher Smith:

     Don't mind him. I think a wholesaler killed his cat or something.

     I am destroying a fraud this week. Sending a seller a copy of an ad on their house they think is sold. Should be fun exposing the crook!

    Unlicensed broker frauds can't stand the truth and being exposed.

    0Reply
  • Jerryll Noorden
    Flipper/Rehabber · Wilton, CT · Member since 2015 · 4k+ posts · 4k+ votes
    6y
    Originally posted by @John Thedford:
    Originally posted by @Jerryll Noorden:
    Originally posted by @Christopher Smith:

     Don't mind him. I think a wholesaler killed his cat or something.

     I am destroying a fraud this week. Sending a seller a copy of an ad on their house they think is sold. Should be fun exposing the crook!

    Unlicensed broker frauds can't stand the truth and being exposed.

     Honestly, I love that you take it upon yourself, to be the vigilante to expose the frauds. But may I suggest something.

    I think, that you make too quick of an assumption that people are frauds. I have seen you attack people that asked a question about wholesaling,  WHILE they have a real estate licence. Why not first figure out whether they are frauds or not before you go all out attacking them.

    Just now someone asked if it is a good idea to have a website marketing for motivated sellers and your response was immediately that it is illegal marketing properties without a licence, but she was not at all even asking about marketing properties. She was asking how to FIND properties.

    So sure dude,  thank you for looking out for us, hell, get a pink cape and a mask if you like.. but calm down a bit no?

    13Reply
  • Barry Pekin
    Specialist · Purcellville, VA · Member since 2015 · 1k+ posts · 841 votes
    6y
    Originally posted by @Jerryll Noorden:
    Originally posted by @John Thedford:
    Originally posted by @Jerryll Noorden:
    Originally posted by @Christopher Smith:

     Don't mind him. I think a wholesaler killed his cat or something.

     I am destroying a fraud this week. Sending a seller a copy of an ad on their house they think is sold. Should be fun exposing the crook!

    Unlicensed broker frauds can't stand the truth and being exposed.

     Honestly, I love that you take it upon yourself, to be the vigilante to expose the frauds. But may I suggest something.

    I think, that you make too quick of an assumption that people are frauds. I have seen you attack people that asked a question about wholesaling,  WHILE that had a real estate licence. Why not first figure out whether they are frauds or not before you go all out attacking them.

    Just now someone asked if it is a good idea to have a website marketing for motivated sellers and your response was immediately that it is illegal marketing properties without a licence, but she was not at all even asking about marketing properties. She was asking how to FIND properties.

    So sure dude,  thank you for looking out for us, hell, get a pink cape and a mask if you like.. but calm down a bit no?

    My hero!  You, sir, should have the cape!

    5Reply
  • Barry Pekin
    Specialist · Purcellville, VA · Member since 2015 · 1k+ posts · 841 votes
    6y

    @John Thedford, I couldn't agree with @Jerryll Noorden more, and that's the point I've tried to make before.  Sure... stomp out fraud, but don't assume all wholesalers are fraudsters.

    3Reply
  • Jerryll Noorden
    Flipper/Rehabber · Wilton, CT · Member since 2015 · 4k+ posts · 4k+ votes
    6y
    Originally posted by @Barry Pekin:
    Originally posted by @Jerryll Noorden:
    Originally posted by @John Thedford:
    Originally posted by @Jerryll Noorden:
    Originally posted by @Christopher Smith:

     Don't mind him. I think a wholesaler killed his cat or something.

     I am destroying a fraud this week. Sending a seller a copy of an ad on their house they think is sold. Should be fun exposing the crook!

    Unlicensed broker frauds can't stand the truth and being exposed.

     Honestly, I love that you take it upon yourself, to be the vigilante to expose the frauds. But may I suggest something.

    I think, that you make too quick of an assumption that people are frauds. I have seen you attack people that asked a question about wholesaling,  WHILE that had a real estate licence. Why not first figure out whether they are frauds or not before you go all out attacking them.

    Just now someone asked if it is a good idea to have a website marketing for motivated sellers and your response was immediately that it is illegal marketing properties without a licence, but she was not at all even asking about marketing properties. She was asking how to FIND properties.

    So sure dude,  thank you for looking out for us, hell, get a pink cape and a mask if you like.. but calm down a bit no?

    My hero!  You, sir, should have the cape!

     As long as it is not pink! That is for John!

    :D

    2Reply
  • John Thedford
    Real Estate Broker · Naples, FL · Member since 2013 · 9k+ posts · 6k+ votes
    6y
    Originally posted by @Barry Pekin:
    Originally posted by @Jerryll Noorden:
    Originally posted by @John Thedford:
    Originally posted by @Jerryll Noorden:
    Originally posted by @Christopher Smith:

     Don't mind him. I think a wholesaler killed his cat or something.

     I am destroying a fraud this week. Sending a seller a copy of an ad on their house they think is sold. Should be fun exposing the crook!

    Unlicensed broker frauds can't stand the truth and being exposed.

     Honestly, I love that you take it upon yourself, to be the vigilante to expose the frauds. But may I suggest something.

    I think, that you make too quick of an assumption that people are frauds. I have seen you attack people that asked a question about wholesaling,  WHILE that had a real estate licence. Why not first figure out whether they are frauds or not before you go all out attacking them.

    Just now someone asked if it is a good idea to have a website marketing for motivated sellers and your response was immediately that it is illegal marketing properties without a licence, but she was not at all even asking about marketing properties. She was asking how to FIND properties.

    So sure dude,  thank you for looking out for us, hell, get a pink cape and a mask if you like.. but calm down a bit no?

    My hero!  You, sir, should have the cape!

    Yes...and a mask to hide his identity and TRUE intentions. He should be president of

    Wholesalers

    Helping

    Owners

    Real

    Estate

    Services

     unlicensed broker pekin can be vp

    0Reply
  • Barry Pekin
    Specialist · Purcellville, VA · Member since 2015 · 1k+ posts · 841 votes
    6y

    @Jerryll Noorden, I think you hit the nail on the head with that cat thing. :/

    0Reply
  • Ola Dantis
    Multifamily Syndicator · Houston, TX · Member since 2016 · 1k+ posts · 2k+ votes
    6y

    This thread is actually more interesting than what is on TV right now... 

    9Reply
  • John Thedford
    Real Estate Broker · Naples, FL · Member since 2013 · 9k+ posts · 6k+ votes
    6y
    Originally posted by @Ola Dantis:

    This thread is actually more interesting than what is on TV right now... 

    Better than Gilligan's Isle. Watch unlicensed brokers squirm when they cannot make a valid argument LOL! However, the SAD part is the victimization of the general public by these scammers. No doubt their motto is "ANYTHING for a buck". There is NO honor and NO ethics in skirting laws to broker without a license. I will be posting a copy of the letter I am sending to an unsuspecting seller that thinks their house is sold. The scammer put it under contract and is now advertising it on CL. Along with that I am filing a complaint with the state. Want to see how a deal can fall apart once an owner gets educated? Look for my post SHTF. It was a PLEASURE helping this seller and they still live in the house to this day. I will keep fighting and exposing these people for what they are!

    2Reply
  • Jerryll Noorden
    Flipper/Rehabber · Wilton, CT · Member since 2015 · 4k+ posts · 4k+ votes
    6y
    Originally posted by @Ola Dantis:

    This thread is actually more interesting than what is on TV right now... 

     You may not know why I am saying this but just trust me. You are awesome!

    1Reply
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