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Updated about 2 years ago on . Most recent reply

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Michael Morrongiello
Pro Member
  • Specialist
  • Napa, CA
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103
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Listing in MLS a property under contract you want to Wholesale

Michael Morrongiello
Pro Member
  • Specialist
  • Napa, CA
Posted

Also Using MLS exposure to market Wholesale Deals

Going into contract as a PRINCIPAL BUYER not an AGENT on a damaged fixer upper house. It has MAJOR damage and repairs needed. Will take a lot of Funds and bandwidth. Not too thrilled about rehabbing and renovating this one and prefer to "wholesale" the ratified purchase agreement with the seller to a builder or contractor who would be more in tune with such a large renovation undertaking. I also want to include in my purchase agreement with the seller that we have the right to PRE-Market the property for Resale INCLUDING formally listing it for sale with their permission in MLS to that it will get greater exposure to more eyeballs.

Here is what we were thinking as a clause:

Seller agrees to provide access to the property for the Buyer, the Buyer's representatives, partners, advisors, lenders, appraisers, contractors, and inspectors prior to transfer of title for more complete inspection, and repair assessments during the escrow period and to authorize and allow for the purchaser to be able to do some Pre-marketing of the property including the use of MLS and any signage to be placed on its premises.

Thoughts on the ABOVE CLAUSE and Does Anyone have a variation of the above sample clause that could be used for this purpose? (eg. specific authorization by the property owner to allow the Buyer (in contract) to be able to LIST the property for sale thru MLS) 

  • Michael Morrongiello
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    Bryant Brislin
    Pro Member
    • Developer
    • Irvine, CA
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    Bryant Brislin
    Pro Member
    • Developer
    • Irvine, CA
    Replied

    It's called a novation. Many of the gurus have YouTubes on it, but if you want to get the paperwork and advice from someone who has a done a bunch of them, check out "novationking" (Rich Wonders) on Instagram. He gives some stuff away for free, and the help he charges for is very reasonable and he's not super well known yet, so he's a lot easier to reach than others. Also, go in Pace Morby's FB page and you'll find people there who are experienced and who would JV with you on that.

  • Bryant Brislin
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