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Updated over 8 years ago,
Wholesaler and Agent Relationship
Hi BP, I am new to wholesaling and I am very confused as to how exactly a wholesaler (me) works with an agent since I will directly wholesale the deal to another end buyer. So here's what I've been told as the best way to go about it:
- I should email agents and let them know I am an investor looking to buy properties in the area. Once i've built rapport with the agent I will ask the agent to pull a report for me for the last 30 days of properties within the price range of say, 300k-500k that were recently listed, sold and avg. days on Market.
- FYI, I was advised to not EVER tell agents I am wholesaler and that I will be wholesaling the deals. As far as they know I am the investor.
- If investor asks for proof of funds. What do I do?
- Have the agents send me properties within my criteria.
This is where I get stuck. Once the agent sends me the properties and let's just say I find one that makes sense and we make an offer and it gets accepted...
So now I have it under contract...
The contract thats being used is a CAL BRE contract. Is the CAL BRE contract assignable to another end buyer if so how. At this point how do I wholesale it and will the agent be bothered that I wholesaled it to the end buyer. Im guessing I just simply use an assignment form and collect my assignment fee and walk away and the end buyer and the seller go to escrow.
If someone can clarify this part (or the whole process) step-by-step and what to expect, what to do's and what not to do's I will greatly appreciate it.
Thanks in advance everyone!