How to wholesale when house is listed with and agent?

[Maikel Figueredo]

Hi BP family hope everyone is well. So I still do not fully understand how to wholesale a property that is listed with an agent. I was thought to use a letter of intent letter to obtain the house. Is this all you have to do and that bypasses the purchase agreement or do you need both? If someone can please elaborate I would greatly appreciate it. There is a property here that is listed that is perfect to pick up to wholesale but I don't know the whole process yet. It has been listed for +100 days as well. Thanks guys.

[Adrien C.]

If it's been listed for 100 days, do you think other investors in the area are keeping an eye on it? Is it likely that these investors have already been in the house and know its condition? So you want to put it under contract (which a REA won't allow you to assign so you'll have to close), mark it up, and sell to an investor? But your best buyers have already seen it and could have made the same offer without having to pay extra to you. That's the problem trying to wholesale listed properties. 

Better option is to use the search feature at the top right of this site and spend weeks reading about wholesaling. Read about finding off market deals and marketing to them; read about making offers and estimating rehab costs; read about building a buyers list; read about the analytics of a good rental property of flip property. Basically, you want to understand everything about RE before you start wholesaling.