Colorado Wholesaling using the full 18 PAGE Contract?

Question

I'm looking for advice from experienced wholesalers in Colorado. My attorney sent me a document for getting properties under contract with sellers and it's the essentially the full 18-page Colorado Contract to Buy and Sell Residential Real Estate. I am just getting started and imagine that it will be extremely difficult to get sellers to fill complete an 18 page contract just to agree on a sale price.

Does anyone have experience with this? Is it difficult to get sellers to complete the 18 page contract...? Or is there a shorter version (1-3 pages) of a buy/sell contract that can be used in Colorado?

Please help! Thanks in advance for any replies.

David Sanchez · Answer

Account Closed The 18 page contract I'm referring to is the actual buy/sell contract.  I was given another contract for assignment.  The assignment contract is very short, but the buy/sell contract is a full 18 page monster.  Is the buy/sell contract in NY this long?  Or are you able to get properties under contract with a much shorter agreement?Thanks for responding!

Account Closed · Answer

Well any contract for buy and sell is usually long, but I never seen wholesalers filling this out. You aren't opting to buy the property. Did the lawyer say you have to go into contract? Because if that's the case then it means if you don't find a buyer you are on the hook for buying the property, which is counter intuitive on what we are looking to accomplish.

Account Closed · Answer

Sounds like this is an actual contract, not the assignment to transfer contract. Not familiar with Colorado rules though, I am in New York.

Brian Evins · Answer

Yes, you are correct.  Sounds like your attorney sent you the Colorado contract.  I have found that dealing direct with sellers the 18 page contract is overwhelming for them.  I use a 1 page contract and put in my email that if they perfer I can use the Colorado contract, which they never opt for.  If you are dealing with an agent use the 18 page Colorado contract.