First wholesale

[rballard]

I've done a couple rehabs and now I'm looking to add some wholesaling in too. I found a triplex in my area that's condemned, so I tracked down the owner, who lives in California (prop is in PA). She's apparently been ripped off by a couple contractors, the sewer line needs to be repaired and she's just tired of dealing with it all. She told me she wanted $99k just to get out from under it. Depending on how much the sewer costs, it only needs $15-20k to get in decent shape.

I was all ready to fax her an offer when she mentioned something about a realtor. There was no sign in the yard, so that's why I had contacted her directly. Now usually I know it's ideal to not use realtors for wholesaling, but she said she'd take $99k even though it's listed at $119k.

Here's the real meat of this post, though. I've developed a one-page purchase contract as Vena Jones-Cox suggests, but I'm wondering if that is OK to submit to a realtor. It doesn't mention anything about agent fees and I cut out all the fluff that's really just there for the realtors and has nothing for the buyers and sellers. I also have a more extensive 3-4 page contract. Should I use one of those two (if so, which one) or do I go fill one out with the listing agent?

[ironhorsinvestments]

First, I would continue to work directly with the seller/owner of the property.  Fax all document to her/him and let her/him forward to the realtor.  In your contract, you'll mention a flat purchase price, whether it's a cash or finance type offer.  

I'm not familiar with Vena Jones-Cox's contracts however, just make certain to include some kinda clause that gets you out of the deal if you find something out of the ordinary ...like an inspection clause.  

Good luck!