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Updated almost 8 years ago on . Most recent reply
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Permission to market equitable interest?
Hello BP! I'm working as an agent for wholesalers. The listing agent on a contracted property discovered they wholesaler was marketing the property. She claimed they are not allowed to do that or take pictures of the property without the permission of the seller. She also stated that the buyer was deceiving the seller with their intent on the deal. The sellers thought they had a "real buyer" and are upset the wholesaler is marketing it for $10K more than the contract price.
Question - Does the wholesaler have any obligation to ask permission from the seller or disclose marketing their interest (i.e. the contract for sale) in the property? Any legal references would be helpful.
Secondary question - Is there anything unethical on my part (the agent) in writing contracts with advanced knowledge that the buyer intends to wholesale it? Thoughts?
Many thanks!
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Well if your selling a contract / through the equitable interest noxious why the need for pictures or inspections or anything else...
Well the reason is your ( and I am not talking about you directly but the act of so called wholesaling)
YOur selling real estate your taking pictures doing invespection etc etc..
if your selling a contract no pics needed. you just say I have a contract on this address.. no pictures no inspections.. Anything past that in my mind is selling RE without a licesne
and totally misleading the sellers as to intent.
- Jay Hinrichs
- Podcast Guest on Show #222
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