Assignment deal from the MLS?

[Ben Roberts]

This feels like a silly question but I've got to ask... I'm got a wholesale deal in Memphis on contract. A friend listed it on the MLS but I've never sold a deal this way. Normally, I have a contract and just assign my interest for a fee. In this case, I assume, there are going to be agent commissions that will need to be paid. To keep the numbers easy...

If I have it on contract at $40,000, and we agree on a price at $50,000, then the agent commissions will be $3,000 (%6).  So do I write an assignment agreement for $7,000? or should I do a double close?  How does this actually work? 

[Paul Amegatcher]

Originally posted by @Ben Roberts:

This feels like a silly question but I've got to ask... I'm got a wholesale deal in Memphis on contract. A friend listed it on the MLS but I've never sold a deal this way. Normally, I have a contract and just assign my interest for a fee. In this case, I assume, there are going to be agent commissions that will need to be paid. To keep the numbers easy...

If I have it on contract at $40,000, and we agree on a price at $50,000, then the agent commissions will be $3,000 (%6).  So do I write an assignment agreement for $7,000? or should I do a double close?  How does this actually work? 

Well this is not a good way to sell a wholesale deal unless you have no other options. As you already stated you will now have to pay commissions to realtors both on the listing side and then the buying side. I would look to other avenues to market and sell this property unless you like giving away your hard earned money. I would market it on Craigslist, your REIA groups and also to your buyers list before considering offers from the MLS. Just my two cents.