Wholesaling Auctions??

[Carl Lester]

Hello BP Team,

I have a question for the Team. I found an auction property that i want to wholesale to one of my buyers(rehabbers/landlord).

Questions- how can i assign or document (lock in) wholesale buyer WITHOUT putting contract in on property? And negotiate with him a assignment fee ($/%) payable if we win. Check needs to be paid @ closing or sooner.

A little about the property.
Start bid $60,000
Built 1942
rancher
3/2
1600 sq ft .14 ac
there referring to cosom repair. I think there maybe a little more than cosmo repairs. ($6500)

My preliminary Comp on prices (last six months) $133,600

Drove bye there today and it needs alot of cleaning up.

Can anyone help or give guideness.

Thanks BP team

[Justin S.]

This sounds like you are acting as a real estate agent not a wholesaler. In my state, if you are buying property at auction for someone else then you need to be a licensed agent. You will want to check your state laws for this. Otherwise you need to close in your name then resell. Basically you need to speak with a good RE attorney.