Wholesaling

[Account Closed]

Say I find a house to put under contract- do I need to show proof of funds even if I'm not going to be the one actually purchasing it? Also, what happens if I can't find a buyer by closing time? What kind of clause do you put in the contract? New to REI so be kind :)

[Richard C.]

Originally posted by @Account Closed:

Say I find a house to put under contract- do I need to show proof of funds even if I'm not going to be the one actually purchasing it? Also, what happens if I can't find a buyer by closing time? What kind of clause do you put in the contract? New to REI so be kind :)

I am sure you will get many responses. Please take note of how many responses involve lying. Use an inspection clause to get out of the contract! (Lie to the seller that your inspection uncovered something that requires you to back out.) Use a partner approval clause! (Lie to the seller that you even HAVE a partner.) Use a financing contingency! (Lie to the seller that you actually applied for financing, when you never had any intention of doing so.) Oh, and get a POF letter online! (Lie to the seller that you actually have the funds to close.)

Then ask yourself whether you want to be involved in something that seems to require so much outright dishonesty and lying.

And if the answer is no, just get a real estate license.