MLS & Wholesaling

[Rickina Velte]

Everything I read and hear says you can't wholesale from the MLS...and I'm wondering why that is? If I find a potential property that is priced below market value, am I not able to put it under a contract because I can't show proof of funds? Or I'm not pre approved with a traditional lender?
Is that reason why working from the MLS is not recommended?
I'm wondering if I order a title search and home inspection, put the property under contract would that make the property more appealing to a cash buyer at that point if everything checks out? And if so could I assign that contract then?

Thank you as always!

[Trevor Richardson]

Quote from @Allan Smith:

Only new investors think that a deal can be found on the MLS that nobody else saw. It is a nationwide listing service, if it's a good deal somebody would have bought it. I have seen dozens of MLS deals blast out on the wholesalers list, and every time they are way overpriced and don't sell. The wholesaler just didn't know.

Going to disagree with your assessment. Some of the best deals we have done for clients were on MLS. They were such great deals we had to identify them within an hour, and get an offer within a few hours. Over the years we have seen fantastic deals sitting in plain sight.

Why people can’t always see them is they don’t have an agent watching for deals every day (so they miss them) and/or are lacking the analysis portion that makes a meh property on MLS a great investment that nobody else can see or understand.