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Updated about 7 years ago on . Most recent reply

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19
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1
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Jerel Lyons
  • Detroit, MI
1
Votes |
19
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Wholesaling with an Agents contract???

Jerel Lyons
  • Detroit, MI
Posted
good morning! I currently have a deal under contract that's a fixer upper,that I shopped around on Zillow, Craiglist,etc and got a call from a realtor yesterday that a young couple wants to buy the house as their first house (cute huh) lol, well my only concern is how should a wholesale deal with an Agent go ? like do I assign them the contract, or do I take the contract that she's putting together,This will be my first deal that I've done, and I just want to make sure that It goes smooth and that I don't get burned. Appreciate any feedback,tips, questions, advice it's all welcome. thank you and have a prosperous weekend.

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795
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334
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Wendy Patton
  • Specialist
  • Clarkston, MI
334
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795
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Wendy Patton
  • Specialist
  • Clarkston, MI
Replied

@jerel Lyons    I live in MI and here is the deal -   Yes an agent can bring a buyer to the table on your wholesale deal however there are a few potential hoops to jump through 1)  Does the buyer have cash?   Likely no 

2) Is your buyer doing FHA which would require 120 day seasoning if they do not have cash or are they doing conventional?

If #1 is a no and #2 is a yes then this deal will take some other creative structuring that is too long to explain here - ie you will need a lien on the property or payoff on the CD with the title company - i might be able to help - let me know if I can

  • Wendy Patton
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Michigan Real Estate Investors
5.0 stars
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