Wholesaling a listed property

[Kim Hawkinson]

I have a seller who has already listed his property with an agent and a potential buyer. I know that when the deal happens, if I do an assignment, everyone might see what everyone else is making and a double close will kinda "hide" what everyone is making.

Since this is the first time I've dealt with a listed property, do you think it's better to split the commission with the realtor and make 3% since they're representing the seller and me the buyer? OR... is it better to decide what I want to make and do a double close. I don't want to be greedy. Should I base my decision on how hard I work crossing all the the T's and dotting all the I's? Any and all opinions are welcome!!!

Kim

[Don Konipol]

Are you a licensed real estate broker? In all states in order to receive a commission you must be a licensed real estate salesperson or broker.

If you are licensed in the real estate profession you need to disclose that fact to everyone. If you are not and are doing a flip, then you are not representing the buyer, you are representing yourself and selling your position to the buyer.

It is getting very difficult to do a simultaneous close without revealing your purchase price. Sellers, buyers, brokers, lenders all think they are entitled to this information. So it's best to set up the deal so that it is not contingent upon keeping this information secret.