Wholesaling contracts
- Thread starter vbasic
- Start date
- Joined
- Aug 30, 2007
- Messages
- 124
It can be quite a hassle, and there are plenty of landmines.
Simple answer is to put the property under contract at $xxx.xxx amount and buy it as youself and/or assignee. This also however raises red flags to lenders and can cause problems if your potential buyers backout and you are stuck scramblign for financing.
Lot`s of interesting questions, you didn`t take a Russ Whitney or Ron Legrand course did you? Once again, confirm whether the information you have been reading about is US or Canadian based as there are huge differences.
Oh by the way if you put the property under contract and remove conditions and then cannot close with a buyer, you are still liable for the purchase. Best case you lose your deposit, worst case they sue you for considerably more. If you try to do some type of extended close on the deal so you can drag it out and find a buyer and then bail on the poor homeowners you will quickly be referred to as a slimeball. Don`t be a slimeball!!!
Simple answer is to put the property under contract at $xxx.xxx amount and buy it as youself and/or assignee. This also however raises red flags to lenders and can cause problems if your potential buyers backout and you are stuck scramblign for financing.
Lot`s of interesting questions, you didn`t take a Russ Whitney or Ron Legrand course did you? Once again, confirm whether the information you have been reading about is US or Canadian based as there are huge differences.
Oh by the way if you put the property under contract and remove conditions and then cannot close with a buyer, you are still liable for the purchase. Best case you lose your deposit, worst case they sue you for considerably more. If you try to do some type of extended close on the deal so you can drag it out and find a buyer and then bail on the poor homeowners you will quickly be referred to as a slimeball. Don`t be a slimeball!!!
- Joined
- Feb 26, 2008
- Messages
- 18
QUOTE Simple answer is to put the property under contract at $xxx.xxx amount and buy it as youself and/or assignee. This also however raises red flags to lenders and can cause problems if your potential buyers backout and you are stuck scramblign for financing. Yes, exit strategies concern me. I don`t want to own anything ...yet.
QUOTE Lot`s of interesting questions, you didn`t take a Russ Whitney or Ron Legrand course did you? Once again, confirm whether the information you have been reading about is US or Canadian based as there are huge differences. LOL...I think those are the only 2 guys I haven`t been to! Unfortunately, I attended most of the US-based courses before it ocurred to me there were too many differences with the way Canada operates. Makes me wonder if there shouldn`t be some kind of regulations for marketers when they pitch to an unwitting out-of-country audience (but that`s another conversation!).
QUOTE ... if you put the property under contract and remove conditions and then cannot close with a buyer, you are still liable for the purchase. Best case you lose your deposit, worst case they sue you for considerably more. Knew that one...don`t hope to go there.
QUOTE If you try to do some type of extended close on the deal so you can drag it out and find a buyer and then bail on the poor homeowners you will quickly be referred to as a slimeball. Don`t be a slimeball!!!No worries there - that`s not the kind of reputation I`m shooting for. I am simply trying to get my head around some "creative" concepts so that I can focus on a specific service that genuinely helps people. The catch is, I`m one of those newbies with no money - just ambition (*sigh*). Just trying to pry open the right door...
thx again for your comments!
QUOTE Lot`s of interesting questions, you didn`t take a Russ Whitney or Ron Legrand course did you? Once again, confirm whether the information you have been reading about is US or Canadian based as there are huge differences. LOL...I think those are the only 2 guys I haven`t been to! Unfortunately, I attended most of the US-based courses before it ocurred to me there were too many differences with the way Canada operates. Makes me wonder if there shouldn`t be some kind of regulations for marketers when they pitch to an unwitting out-of-country audience (but that`s another conversation!).
QUOTE ... if you put the property under contract and remove conditions and then cannot close with a buyer, you are still liable for the purchase. Best case you lose your deposit, worst case they sue you for considerably more. Knew that one...don`t hope to go there.
QUOTE If you try to do some type of extended close on the deal so you can drag it out and find a buyer and then bail on the poor homeowners you will quickly be referred to as a slimeball. Don`t be a slimeball!!!No worries there - that`s not the kind of reputation I`m shooting for. I am simply trying to get my head around some "creative" concepts so that I can focus on a specific service that genuinely helps people. The catch is, I`m one of those newbies with no money - just ambition (*sigh*). Just trying to pry open the right door...
thx again for your comments!