Realtor won't contract with me for wholesale deal.

Flipper/Rehabber · Mobile, AL · Member since 2014 · 12 posts · 7 votes

Hello all I need some advice. I'm in Mobile AL I have my first deal under contract. My plan was to buy and flip, but my lender was unable to do the deal so I decided to wholesale. After marketing for about a month a retail buyer wants to buy my property. The buyer went on the county page and saw that I was not the owner, I disclosed that I had contracted to purchase the property and I had the right to sale it. He said OK and he would have his realtor contact me. Realtor says I'm not the owner and refuses to contract with me. I would like to sale this property to this guy, any advice on what I should do to close the deal.

1 Reply

26 views

Most Popular Reply

Russell BrazilBusiness Member

Moderator

Real Estate Agent · Washington, D.C. · Member since 2012 · 17k+ posts · 30k+ votes

Close on the property and resell it.

[email protected]301-893-4635 Podcast Guest on Show #192

District Invest Group545 Reviews

Website View Page

3 Reply

See this reply in the discussion

12 Replies

Jump to latestLatest

Sort by

Russell BrazilBusiness Member
Moderator
Real Estate Agent · Washington, D.C. · Member since 2012 · 17k+ posts · 30k+ votes
6y
Close on the property and resell it.
[email protected]301-893-4635 Podcast Guest on Show #192
District Invest Group545 Reviews
Website View Page
3 Reply
Account Closed
Real Estate Agent · Las Vegas, NV · Member since 2015 · 2k+ posts · 1k+ votes
6y
why does your buyer need a realtor ? If you have an assignable contract you can sell direct or have your realtor sell it to the buyer @Deangelo Mccants
0 Reply
Deangelo Mccants
OP
Flipper/Rehabber · Mobile, AL · Member since 2014 · 12 posts · 7 votes
6y
Not sure why he needs a realtor, I think he's trying to use a conventional loan.
0 Reply
Jameson Sullivan
Real Estate Broker · Tacoma, WA · Member since 2016 · 545 posts · 252 votes
6y
How did you procure the contract? Is there a commission agreed upon in the contract (I'm assuming not)? Did you market to find the property or did you just snag it off the MLS? If the latter, his Realtor probably knows your contract is going to expire with the Seller and they can just go around you... Frankly, they could do that even if you marketed directly.
0 Reply
Deangelo Mccants
OP
Flipper/Rehabber · Mobile, AL · Member since 2014 · 12 posts · 7 votes
6y
I marketed and landed the contract. My contract will expire soon, I came to the same conclusion that they will bypass me once it does.
0 Reply
Deangelo Mccants
OP
Flipper/Rehabber · Mobile, AL · Member since 2014 · 12 posts · 7 votes
6y
Would it be illegal to ask the home owner to pay a finders fee for bringing a buyer?
0 Reply
Matt Maurice
Property Manager · Milwaukee, WI · Member since 2014 · 113 posts · 144 votes
6y
@Deangelo Mccants first of all you aren’t selling this buyer the property, you don’t own the property. You would be selling the contract to purchase the home (assigning). Buyers often work with realtors to help protect their interests in what can be a complicated transaction, like trying to purchase a house from someone who doesn’t own it, for instance.

Without another buyer, you have no leverage... they will let your offer expire and purchase the property directly from the homeowner. Furthermore, what value are you adding to this transaction that you are due compensation? If you can justify the answer to that question to the homeowner, you can likely make a couple of bucks.
3 Reply
Ray A Delfi
Rental Property Investor · Poughkeepsie, NY (Hudson Valley Area) · Member since 2019 · 188 posts · 102 votes
6y
@Deangelo Mccants I was going to say to could the title but since it’s going to expire it isn’t worth it, you may ask for an extension though. You can also post it here on BP Market place. Let us know what the numbers are here too who knows maybe you might find a private lender who will help you out depending on the circumstances.
1 Reply
Ray A Delfi
Rental Property Investor · Poughkeepsie, NY (Hudson Valley Area) · Member since 2019 · 188 posts · 102 votes
6y
*cloud
1 Reply
Neil E Wilson
Real Estate Agent · Newburyport, MA · Member since 2017 · 1 post · 1 vote
6y
We Realtors want to help you (who may not be licensed agents or brokers or Realtors) with your business. It is our business too - so yes we’d like to be paid. We can advise and help you buy a property to flip and resell and be paid as part of transactions. We can usually offer you an exclusive buyer agreement if you’d like our full time attention on you. But we cannot sign any contract to help you sell anything unless we’re sure you’re the legal real owner right now of a property. So I kinda sorta understand but not enough - if you called me I’d need to know more. If you’ll let a Realtor help you’ll get just that - pro time and help. I suggest you call yours back and explain it again - just my opinion.
1 Reply
Ola Dantis
Multifamily Syndicator · Houston, TX · Member since 2016 · 1k+ posts · 2k+ votes
6y
Best way to get full control is to take down the deal yourself and sell it right away or after a minor rehab.
Also, you may be able to find another lender who is willing to finance the deal if you look hard and of course if the deal makes sense.
1 Reply
Brooks Conkle
Flipper/Rehabber · Mobile, AL · Member since 2010 · 138 posts · 55 votes
6y
Originally posted by @Deangelo Mccants:
Would it be illegal to ask the home owner to pay a finders fee for bringing a buyer?

Technically you would need a real estate license in order to collect a fee from the seller in the state of Alabama. I'm also located in Mobile, AL --- shoot me a message and feel free to connect with me on any future deals that you have -- thanks!

2 Reply

Join the conversationCreate a free account to reply, vote on answers and follow this thread.