Wholesaling with Tough Agent

[Skye Bowen]

I have a lead from someone in my REI club...it's a pretty sweet deal I think (I'm new!), owners are out of state, it's been on the market for well over a year. Problem is that the RE agent is feisty. I guess that's why she gave the lead to me, she has a full time job and doesn't have time to bug him about it. As far as I understand, she mentioned that she was an investor/wholesaler, and I guess the guy made it difficult to work with her.

So my big question is, do I tell him what I plan on doing (wholesaling)? I think a cash offer would be accepted at this point, but I don't want to turn him off. If I make him a lowball offer, does he have the choice to not even show the seller my offer? Any thoughts would be appreciated!

[Joel Owens]

This is where I take issue with many so called (wholesalers).

If you are not closing on the property with your own funds then you really aren't a buyer to me.

Your simply a middle person trying to collect a fee for putting 2 parties together.

If you are a cash buyer I would want to see proof of funds bearing your name or the name of a corporation you control valid within the last 30 days.

As a seller I wouldn't allow you to lock up a property for no skin in the game and when the end buyer goes away I the seller am still stuck with the property.

It's fine if you want to assign it but I would want you personally liable to perform if the second buyer was not able to purchase.

Just make the offer and see how desperate the seller is.

Good luck.