Realtor Disclosure to Sellers in Wholesale Transaction

[Boomer Creed]

I am wondering if there are any fellow Realtors out there in BP land who are also wholesalers?

I am aware that disclosure would be the biggest thing when approaching a potential seller acknowledging my Realtor status; however, that I am acting as a principal in this transaction and representing myself, NOT acting as a Realtor.  

My questions are, did you approach your state RE Commission to keep everything "above board" in their eyes?

What disclosures do you use?  More specifically, did you write one yourself, have an attorney draw one up, have the RE Commission approve/provide input?

Also, what is your experience with sellers when you let them know you are a Realtor? Does it seem to put them at ease?

I want to go full bore into wholesaling, but want to make sure I am not jeopardize my Realtor license.

Thanks for all the help!

[Christina R.]

@Boomer Creed 

looking forward to reading responses to this thread. This question obviously comes up a LOT. I'm sitting for the exam shortly and still questioning if I will hang my license should I pass . . . glad I have a year to consider and explore it. There seems, to me, to be a very fine line with wholesaling if you are a licensed agent because probably 99% of the time you could "throw it" up on the MLS and sell it for more than you would put it under contract for for the seller - and as an agent your fiduciary (sp?) duty is to get the most for your seller. You may be acting as a principal but if someone ends up feeling wronged and wants to sue, as an agent you have knowledge by definition of your job that the "average joe seller" does not have and I can see courts using that against you, right or wrong.

I think it needs to be very clearly defined, discussed, and disclosed with your broker exactly how these type of transactions are to be documented/