Published 2026-05-04 · 7 min read

How to Lock a Wholesale Contract in 2026 (Step-by-Step)

You got the verbal yes. Now you have 60 minutes before the seller's second thoughts kick in. Here is the exact playbook from the moment of yes to signed PSA in 60 minutes.

The 60-minute timeline

T+00 min: Verbal yes from seller
T+02 min: AI Offer Drafter generates state-aware PSA (8 seconds)
T+05 min: You review + add seller's name + property address
T+10 min: Send DocuSign envelope to seller's email
T+15 min: Text seller "PSA in your inbox, takes 2 min to sign"
T+30 min: Follow-up text if not signed
T+45 min: Phone call if still not signed (handle questions live)
T+60 min: Signed PSA in your inbox
T+60 min + 1 sec: Send EMD wire to title ($500)

The 6 critical PSA clauses every wholesale contract needs

1. Parties

Buyer = your name OR your LLC. Always include "and/or assigns" so you can dispo without seller consent. Example: "John Doe and/or assigns ('Buyer')".

2. Property

Full street address + parcel number (look up parcel on county recorder, copy verbatim). Avoid "approximately X sqft" since you have not measured it.

3. Purchase price + EMD

Purchase price = your contract price (NOT your dispo price). EMD = $500 to $1000, refundable during inspection period. Example: "Purchase price: $115,000 cash. Earnest money deposit: $500, refundable during inspection period, otherwise applied at close."

4. Inspection period

7 to 10 days. This is your dispo runway. During this period you can walk for any reason and recover your EMD. Example: "Buyer has a 10-day inspection period from the date of acceptance, during which Buyer may terminate this agreement for any reason and recover EMD in full."

5. Assignment of contract clause (the most important)

"Buyer reserves the right to assign this contract to a successor or assigns at no additional cost to Seller. Notice of assignment shall be provided to Seller no later than 24 hours prior to close."

Without this clause, every dispo requires seller consent (which they often refuse once they realize you are wholesaling). With it, you flip the contract to your cash buyer in 24 hours.

6. Close + title

Close timeline: 14 to 21 days from acceptance. Title company: yours OR the cash buyer's (mutually agreeable). Cash buyer's title is usually fine since they are paying. Title handles the assignment paperwork + cuts your assignment fee wire 1 to 3 days after close.

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The 3 things that go wrong (and how to handle each)

1. Seller asks for higher EMD

Some sellers (or their realtors) demand $5K+ EMD as proof of seriousness. Two responses:

2. Seller wants the close in 7 days

Means they need the cash fast. Use it: lower your offer $5K because you are giving them the speed they need. Inspection period drops to 5 days, your dispo timeline tightens. Most cash buyers can close in 7 days; this is fine if your buyer list is ready.

3. Seller has a tenant in the property

Two issues: (a) you cannot show the property to cash buyers without 24-hour notice per most state laws, (b) the cash buyer either keeps the tenant or evicts. Add to PSA: "Tenant remains in possession at close." The cash buyer prices the deal accordingly. Many cash buyers prefer occupied properties.

What to do AFTER the seller signs

  1. Wire $500 EMD to title within 24 hours (some title companies will wait 48)
  2. Open title with a copy of the PSA + EMD wire confirmation
  3. Run AI Buyer Match same hour. Top 20 buyers get the deal sheet
  4. First responding buyer signs assignment of contract via DocuSign + wires $1K-$3K EMD to title (non-refundable to you)
  5. Title closes on day 14 to 21. Your assignment fee wires 1 to 3 business days later.

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