The Ins & Outs Of A Wholesalers Real Estate Purchase & Sale Agreement
The Wholesale Truth Podcast05/07/24 • 40 min
In today's episode of The Whole(sale) Truth Podcast we're diving deep into the essentials of a wholesaler’s real estate purchase and sale agreement. We will unpack the critical elements that every real estate wholesaler should understand—from navigating the conversation around who pays closing costs, to the vital "property sold as is" clause. Watson also shares his personal experience, with what happened after he added the offer to pay for moving expenses and Airbnb expenses to the contract which turned into an unpredictable stay in Philadelphia for the seller.
We’ll discuss risks, and how the terminology in the agreement can play a big role in the transaction, especially when a lender calls up and says they aren't closing because the property collapsed. (Yes, that happened) and how to avoid losing your earnest money deposit.
Prepare to gain insights on how to structure your agreements to protect your interests and learn Watson's best tip to make sure a seller doesn't ghost you when it's time to sign on the dotted line. So, put your learning caps on, and let’s get started on understanding the ins and outs of a wholesaler's real estate agreement!
Download the Seller Agreement Of Sale Packet Watson uses in his business everyday and follow along as he breaks it down.
Wholesale Agreement Of Sale Packet
Send an email with the word "Assignment" in the subject to [email protected] to get the Assignment Contract Packet we use to close deals with our buyers
0:00
Intro- Download My Agreement Of Sale To Follow Along
First Things First- Have An Attorney On Deck
The 3 Fold Purpose Of An Agreement OF Sale
We Put The Airbnb In The Agreement... This Happened
The Importance Of Accuracy In the Contract
#1 Description Of The Premise
#2 Purchase Price
#3 Payment
#4 Marketable Title
#5 Closing Cost, Transfer Tax, Title Fees
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05/07/24 • 40 min
The Wholesale Truth Podcast - The Ins & Outs Of A Wholesalers Real Estate Purchase & Sale Agreement
Transcript
Now, the mistake we made in this situation was I told her, hey, look, we'll cover your Airbnb for a week. You could pick whatever you want. And the moment those words left my mouth, I knew I had made a mistake. Because she chose the most expensive Airbnb in the hood of Philadelphia, and that ended up costing us between 18 and $1,900 for her to stay there for a week prior to her moving. But again, the point here is that based on the terms that are in your agreement of
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