The process
Hello BP!
I want to make sure I fully understand how this process works, because it seems to me there can be a big liability on the part of us as purchasers/wholesalers in these transactions, and even more liability for us realtors out there!
Step one: find a property
step two: talk with the seller, find out their motivated, negotiate a price
(couldn't they sue you for 'screwing them over'?)
step three: use a lawyer(or realtor if MLS listing) to draw up the documentation
step three point five: sell off your interest in the purchase agreement if you are wholesaling the deal... Again, as a realtor, how does this not have to go through the office, and the broker make part of your commission? In oregon at least, anything I do, having to do with real estate, has to go through my broker. I actually just called the state to verify what my broker told me a few days ago
step four: close on property
steps other: rehab, sell property on the retail market.
What my question is, is how does one protect oneself in the event a seller decides that they want to screw you over and sue you for what you made on their property?
Is this something I'm worrying about because I'm a realtor, and if I let my license lapse, that would no longer be an issue?
Thanks!
cody