How do i wholesale through a realtor?

[Kevin Walker]

Question??? How do you wholesale with a realtor?

Everything I've researched is preparing me to deal with everyday people hoping to sell their houses, but what's the difference when the seller is a realtor??

Would I use a different contract between me and the realtor as opposed to me a normal seller??

Comments will be greatly appreciated!!!!

[Patti Robertson]

Ok. One more question. Once you put a house under contract, do you intend to close on it, or is your intention only to wholesale it? If you can/will not close on it, you need to have a legal way out in your contract. You can do that with an inspection contingency, although the contingency period typically isn't very long for inspections. You can also do it by buying an option. In my market most of our agents require buyers to use the MLS contract, which, if unchanged, do not allow the contract to be assigned.

Now on the sell side of the wholesale, you should as an agent if your local MLS allows them to list for a "contract owner." In my MLS, Contract Owner is one of the standard disclosure items on our pick list. That doesn't mean agents understand what it means, but if you find an investor friendly agent, it is doable to wholesale through MLS. If you end up with an owner occupant buyer who is getting an FHA loan, you won't be able to "assign" the contract. What you can do instead is have your Seller agree to a "contract cancelation" and they will pay you a fee equal to what you would have gotten as an assignment. Then the Seller will contract with your Buyer. FHA will pay a contract cancelation fee.

I hope this wasn't to complex an answer. Feel free to ask questions if I made it "clear as mud!"