Seller with a property on MLS wants to sell to an investor.

[James Palin]

Good morning everyone.

I got a lead off my web site this week for a property here in DFW area. The property is listed on the MLS for $189K, but is not attracting any retail buyers due to foundation damage. The seller has a $12K bid for the foundation repair. Other than that, it just needs a interior/ exterior pant, wood floors put in two of the bedrooms and a deck built for a second story opening.

I had some comps ran and the ARV is around $205K to $210K. Borrower is willing to let the property go for $150K because he is not having any luck on the retail side and has another property he is trying to close on.

After doing my research, I called him this morning and gave him an offer. He agreed to let me wholesale the property. I was ready to drive over with the contract and deposit check. However, he doesn't want to sign a contract due to the property still being on the MLS. He told me his realtor is okay if someone else finds a buyer as I am thinking he doesn't have an exclusive agreement with him. I understand that the seller does not want to end the MLS listing as this would eliminate a channel of marketing.

I am reaching out today to see if any other wholesalers have run into this situation. As always I am trying to do the right thing. From what I am gathering, no contract means that the property can get sold by the first person who brings a buyer, so at this point I don't have exclusive rights to the property. Any feedback is appreciated.

Thanks everyone.