New law makes wholesaling illegal is SC

[John Underwood]

The new law the SC Governor just signed makes wholesaling illegal.

It has 3 parts.

1. It defines wholesaling

2. It says you must have a license to wholesale.

3. It says a licensed realtor can't wholesale.

No attorney is going to risk anything that might be deemed wholesaling. 

You can't do a double closing because you can't market the property or contract prior to owning it.

You can buy the property then market it.

You could also get owner financing for 60 to 90 days and then market the property for sale.