Posted by Chris WFL on May 25, 2007 at 22:07:19:
Help creating my purchase contract - Posted by Ronnie
Posted by Ronnie on May 25, 2007 at 18:03:52:
I am beginning wholesale flipper and am having a little trouble putting together my purchase contract. what should and shouldn’t be on it? What is the deal with a ‘weasel clause’? can’t figure out if it’s a positive thing or not. Any help would be appreciated.
Re: Help creating my purchase contract - Posted by Joe Kaiser
Posted by Joe Kaiser on May 26, 2007 at 04:27:16:
Learn to Blue Pen Flip.
You’ll need one and only one contingency (weasel clause) . . . your offer
is contingent on your feasibility study results.
Your feasibility study’s focus?
Determining if the property can be sold quickly and at a profit
sufficient enough to warrant you entering into this contract.
Otherwise, what would be the point?
Re: Help creating my purchase contract - Posted by Chris WFL
Posted by Chris WFL on May 25, 2007 at 18:55:00:
If you are going to be flipping homes then you are going to want to build a relationship with a good title company or RE lawyer that will do simultaneous closes etc. Just ask them for a contract.
Plenty of weasel clauses. Contingent on partners approval, contingent on ???
If you have any luck with the archives start by reading everything under “getting started,” “newbie,” etc. If you can find the one by Johnboy read it a few times.