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Assignment Of Contract Real Estate Illinois Suburbs

Wholesale Real Estate Contracts

The Contracts and Forms You Need For Wholesaling Houses
Having a good Wholesale Real Estate Contract with you at all times is just as important as finding a that motivated seller or having a good buyer lined up. Once you're comfortable with your market and know how much you should be paying for houses without doing comps you'll often write up a contract when you go to look at the property the first time. Strike while the iron is hot as they say!

If you leave without getting your wholesale purchase agreement signed you run the risk of them changing their mind on price, selling the property to someone else or having a friend or relative talk them out of the deal. Once a seller signs the wholesale real estate contract they have mentally committed to deal and you run a much lower risk of them backing out. 

Below are links to the simple Wholesale Real Estate Contracts: Purchase Agreements, Assignment Contracts and Option to Purchase contracts we've personally used to buy wholesale real estate. We hope they bring you as much success as the have us.

Wholesale Real Estate Purchase Agreements 

File Size: 31 kb
File Type: doc
Download File

File Size: 67 kb
File Type: pdf
Download File

File Size: 14 kb
File Type: docx
Download File

Wholesale Real Estate Assignment Contracts

File Size: 22 kb
File Type: pdf
Download File

File Size: 25 kb
File Type: doc
Download File

File Size: 49 kb
File Type: pdf
Download File

Wholesale Real Estate Option to Purchase

File Size: 28 kb
File Type: doc
Download File

Wholesale Real Estate JV Agreement

File Size: 14 kb
File Type: docx
Download File

Vacant Property Blueprint

File Size: 2409 kb
File Type: pdf
Download File

Wholesale Real Estate Marketing Letters

File Size: 17 kb
File Type: docx
Download File

Important Notice: Please verify with your state and title company that any real estate contracts meets your states requirements and are legally binding before you use them in any real estate transaction. 

How To Use The Wholesale Real Estate Forms...

The Wholesale Purchase Agreements are used to put a property under contract with the seller. Typically a wholesaler will assign the contract using one of the Wholesale Assignment Contracts for a specified assignment fee. Most investors are very aware that wholesalers make money assigning these real estate contracts and don't have a problem paying the assignment fee as long as they're buying at a price that they like. 

If you feel your investor or buyer will take issue with the assignment fee amount you'll want to arrange a double closing with your title company. Make sure you're using a "wholesaler friendly" title company that is familiar with double closings.

​If you're unsure if you'll be able to successfully sell a property because of price, condition, location or any other reason we suggest you use the Wholesale Real Estate Option to Purchase Contract. We use this agreement often and very successfully when we have doubts about a property. After we have viewed the property and we want to use the option agreement we'll usually say "The property doesn't meet our buying criteria but we often sell properties to other investors that purchase properties just like yours. If you like I can send the pictures and property information to them" (They have always said yes) "Great, tell me what's the lowest you'll take for the property as it sits if you can close within a couple weeks and the investor pays all your closing costs"  Just fill out the option to purchase, have them sign it and start marketing the property to your buyers list!

Finally, sometimes you might have a property in an area you don't have buyers, or buyers looking in an area you don't have any properties and you'll want to team up with another wholesaler, for that reason we've also provided a Wholesale JV Agreement above. Once you agree on the assignment split with the other wholesaler fill out the agreement, both of you sign it and personally send it to the title company handling the closing so there is no confusion and everyone gets paid!

We hope these forms help you and bring you much wholesaling success!

 Wholesale Real Estate Contract Video Training 

If you're new to wholesaling real estate and want in depth training on what contracts to use and when to use them watch the video below.

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Originally posted by CHAMPAK SHAH:
I believe " Assignmenet of Contract " is fine as long as all parties involved are informed.

You believe this exactly why? Did you read the articles I posted? Jeff Radabaugh was using "Assigments of Contract" and he now owes almost $1 million in judgments. His buyers would have been signing an assignment which would have clearly informed the buyer of his fee. It would have also been on the HUD-1. This is NOT about disclosure.

Originally posted by CHAMPAK SHAH:
I disagree with Johnny's comment --yes people do make and can make over $400,000 in one year -actually in three months --as a wholesaler --if you have cash and concentrate on upscale homes --over $500,000 ---your spread - fee is much higher--

The only people you will ever hear about making anything close to that kind of money in wholesaling are gurus, and gurus say they make that much so you'll buy their product. I've actually never even seen a guru claim that they've even made that much profit. And upscale homes in this market? That's the hardest hit market in the country. I think you should get your money back, Champak. Somebody sold you a bill of goods.

Originally posted by CHAMPAK SHAH:
I am planning to get into whoelsalling this--if any one intereste d- just saw a house -previously valued at $330,000 --is now on auction with minimum bid of $70,000 ---nice to have at $100,000 and Resell for $150,000.

You haven't even done a wholesale deal and you are on here telling people what they should and shouldn't do and what they can and can't do? WHAT?!?! Really, Champak, you should try talking less and listening more.

Originally posted by CHAMPAK SHAH:
Always check with local realtor, RE Attorney and Specifically Hard Money Lender about Assignment VS Double Closing --now some people use the term - Back to Back closing --

Ahh, no. In the case of doing assignments in Indiana, check with a qualified real estate attorney. I would actually ask them specifically about this case, and see what they have to say about it. Asking a realtor about anything but comps is a mistake. They won't even know what an assignment or double closing is. And hard money lenders? I'm not sure why you would ask them about whether you should assign or double close.

In every state other than Indiana, I would recommend assigning unless you are going to show a large profit, and then I would recommend double closing. REO's and short sales you have to double close, so those are a different category.

The bottom line being that if you are wholesaling in Indiana, you need to seek competent legal advice about doing assignments solely because of this specific case.

Also I talked with the Indiana Attorney General's Office and they wouldn't give me any straight answers on the issue (which I kind of expected) but they did send me over the official complaint, judgment, and punishment. The woman I talked to said that she didn't know of any other cases since or pending that are relevant to assignments but she said that she is unable to verify completely that there aren't any others.

If anybody is interested, message me and I'll send you the file the Attorney General's office sent me.

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