Updated about 6 years ago on . Most recent reply
Wholesaling another wholesaler’s Deal
Recently came across a deal for a property for 25k. The house is worth at least 85k. Found the deal on Craigslist but the ad said specifically NO WHOLESALERS.
So what?! I called anyway and got the contract for 15k. Haven’t signed yet until inspection of property in a few days.
I have responded to ads before from tbis particular wholesaler and he made it clear he doesn’t want to deal with other wholesalers in any way, shape or form.
First of all, is this possible? I’ve never done this before but there’s money left on the table. Can I wholesale another wholesalers deal. In my experience it seems possible. Just sign a purchase agreement with the end cash buyer to fund all deals. I get the contract from the wholesaler and I will sign a purchase agreement with end buyer. Is that correct or am I missing something.
** jv is not an option. He’s stubborn and won’t budge
Most Popular Reply
So the seller is a wholesaler and he specifically stated no wholesalers, yet you want to ignore that request and try and get in the middle? Just because you feel there is money left on the table, maybe this wholesaler is looking to leave that for the actual rehab or buy and hold buyer and not another middle man.
I think it is poor business practice to ignore request and instructions from other parties. In addition, there is nothing more frustrating to us real and actual buyers to have a deal convoluted by multiple middle men looking to get paid without adding any value to the deal. I get wholesale deals sent to me all the time and quite frequently, I will get the very same deal sent to me by two or three wholesalers with 2 or 3 different price points. I report the other two to the one that actually holds the contract to see if they are aware these other parties are marketing their deal at a higher price. I have no idea how these people think they are going to get paid.
Lastly, if you are marketing a property you do not own and you are not licensed, you are breaking the law in most states.