Wholesalers--First flip paperwork - Posted by Kylee

Posted by SCook85 on August 28, 2002 at 13:16:04:


If you are dealing with a FSBO, then you can hash the numbers out verbally and fill out the contract after the fact. There are no special forms needed, just a contract that you are comfortable with.

You don’t need to record the contract, in fact it can get expensive if you live in my state. We have to pay the transfer taxes for the consideration of the contract in order to record it. At this point you shouldn’t be worried about recording contracts at all.

As far as running an ad. In my local paper it would be foolish for me to run the ad 3 days. Sunday is by far our big day for real estate and that is the day that you will get the most calls. You need to determine what is the norm in your area.

Again when you sell, recording your contract is not necessary, just get the deal moving along.

I don’t think that Chicago has any problems with simultaneous closings, some title companies that underwrite for Chicago may have a problem, but not Chicago in general.

Happy Investing,


Wholesalers–First flip paperwork - Posted by Kylee

Posted by Kylee on August 28, 2002 at 11:23:14:

Ok, found house, happy with numbers if they accept my offer, HOWEVER, there is still a few points I’m stuck on (newbie here!!), despite spending all day on this site, and other real estate course studying.

  1. Offer to purchase–hash it out verbally and then fill out and sign an Offer to Purchase contract, and record it, right? Or is there some kind of initial OTP paperwork (an official form, or can I generate it off my PC), before the contract and recording thereof?

  2. Other wholesalers–how long do you run your “Handyman Special” classified ads? Legrand says 3 days, I’ve heard just run it on Sunday, should I put an ad in the regular ‘homes for sale’ as well?

  3. When the buyer comes along, do I fill out and record another OTP Contract–me as seller, them as buyer, and record it, or if proof of funds are available, just set a closing date and get it done ASAP (assuming here the title checks out).

  4. Chicago Title cool with simultaneous closings, or other referrals please.

And thanks everyone.