Trouble with the LAW? Wholesaling off MLS or other properties

[Greg P.]

Hi. Lets say I have a property under contract (tied) up on the MLS and we not closed yet. Am I legally able to send it off to my buyers and try to sell the property before I even own it?

[Jon Frame]

The key is that you do have it under contract and that is what you are selling, not the property itself. I'm assuming that you are not a licensed agent and you do not own the property yet. Remember, as a wholesaler you are selling the contract, a piece of paper, not the property itself. So yes, you can market the property that is on your contract.