Step by step on how to buy from a wholeseller

[Shera Gregory]

I am an investor who has purchased several properties off the MLS through my real estate agent. I am now looking at some deals offered by a couple of wholesellers in our area. Since my agent will help to sell the property she is willing to get me comps and I am working with a contractor who can do the inspection with me for rehab costs. So I feel pretty confident about sorting out a real "deal" from a not-so-good deal. And I have a real estate lawyer who can do the closing.

My question is really about the process from the buyer side. So far what I've found on BP about the wholeselling process is from the sellers side and ends with getting the assignment contract signed. As a buyer is that it for me too? Another way to ask this is .. do I need to put together a purchase contract? If so, with whom? With an "as is" sale on the MLS to signal my strong interest I would submit an offer with an information only inspection clause. Is there an equivalent for buying from a wholeseller?

Thanks everyone!

Shera

[Arktavious Sally]

@Shera Gregory That's a great question. Whenever I'm wholesaling a great deal to a buyer, especially one that I have no relationship with, they must show me they have the ability to close.

1. Provide POF

2. Pays Cash

3. Close fast 7-15 days

4. Non Refundable EMD 1-2k

I always provide pictures of property, comps, and repair and renovation estimate. However, buyer must do their due own diligence of property inspection and rehab cost prior giving me their Non Refundable EMD and signing p/s contract or assignment form that I provide. Buyers EMD to be held at my Investor friendly title company that will do closing. Also there are no R.E agents involved in transaction. I hope this helps...