How to Fill Out the Purchase and Sale Agreement to Flip a House or Land

http://www.REI4Beginners.com How to fill out the purchase and sale agreement included in your real estate investing manual

Category:

Howto & Style

Tags:

• Real estate investing
• flip
• flipping
• wholesale
• wholesaling
• houses
• land
• how to
• real estate
• contract
• buy
• sell
• advertise
• purchase
• sale
• agreement
• assignment of contract
• assign

[moniquegmiller]

@ rei4beginners I have a purchase agreement to a home that we were actually going to buy but have decided instead to move back home. I have since put the house up for sale. I need to know what to do once someone wants to buy the house and puts a contract on it. What is the process? Do I just find a Title Company to go over everything? Does the person buying the house from me just close and in turn I close with the original owner? Not sure how funds transfer.

[rei4beginners]

@moniquegmiller Doing a double closing can be pretty expensive, since you'll have to pay two sets of closing costs (as buyer when buying and as seller when selling). It's theoretically easier and cheaper to assign your contract (with your seller) to your buyer for a fee, but in practice it may be difficult explaining the process to the buyer and/or any Realtor he's using (most non-investor buyers won't be familiar with the concept of an assignment of contract).

[rei4beginners]

@moniquegmiller (continued) It will be important to find an attorney or title company who is familiar with assignments of contract (or, if you must go this more expensive route, "double" or "simultaneous" closings) - having to educate the buyer, any Realtor, as well as an attorney or title compay can be a real headache, so having a knowledgeable attorney/title company will help.

[shakaama]

make more videos, it can only help, ... that and you're photogenic.

[rei4beginners]

@shakaama Thanks - do you have any specific questions?

[MBJB07]

@rei4beginners I have a question, please? I'm just getting into wholeselling, and I'm presently building my buyers list. Is a lawyer the best place to get my buy/sell agreement and my assignment contract? I live in NC and I don't know all the laws. Obviously I want my paperwork to be iron-clad. Thank you!

[rei4beginners]

@MBJB07 That's the best, and most expensive, way. You could also talk to other investors about what contracts they use, buy contract(s) for NC from a legal documents website (legalzoom or something like that), or look at a NC Realtor's contract to see what is included. As far as "iron-clad" goes - you could produce a 600-page document and it still wouldn't necessarily be iron-clad, and nobody would sign it anyway.

[moniquegmiller]

@rei4beginners thank you for that info.

[MBJB07]

@rei4beginners Ok. Thanks for the info!

[shakaama]

@rei4beginners well i looked this up, for general info, but i'm on yotube, not your training page. I'm assuming all of your students have copies of what you're looking at.

I have a buyer / mentor i'm allegedly working with, just started. I have canvased my entire neighborhood, and the extended neighborhood on foot, looking for distressed houses. I was going to start bird dogging for him, but everyone says wholesaling is EASY. hence me trying to see what a contract looks like.