A new twist on wholesaling??

[Marylynn B.]

Hey everyone!! I have seen some interesting things since investing in real estate and as an agent. I just encountered something new and wondered if anyone has seen this yet? I am selling a fixer upper on the MLS. I live 2.5 hours away, so a quick sale would be great but if not I would manage the project myself. Even though it is on the MLS for 60k, a wholesaler brought me a buyer and if charging him 64k. She told him she is funding it the project so he has to pay the wholesale fee and cannot purchase through a realtor or directly from the MLS. I requested a POF and received a loan application in her name to another company. I received no guarantees or evidence of her private funds if she is not approved. So, she is charging him a wholesale fee of 4k, applying for financing herself and then lending to him.

To make a long story short, I am declining the offer.  In addition to being fishy, I just cannot wait  weeks to find out financing falls through.  What are your thoughts?

[Natalie Kolodij]

This isn't wholesaling. 

This is fraud. 

I wouldn't work with that person ever. If it's listed on MLS they can absolutely purchase it from you for the list price. This person didn't negotiate it down or add value.