Wholesaling Properties on the MLS

[Kevin Green]

In regards to wholesaling, when a purchase agreement is signed between the seller and wholesaler for a property that is on the MLS, what's to stop the seller from turning around and signing with another buyer? Because technically, since I would not be going through an agent, there is no way for me to mark the property as "under contract" on the MLS. How do other wholesalers deal with this? What steps can I take to prevent this?

[Cara Lonsdale]

I don't want this to come off as mean spirited, so please don't take it that way, but the fact that you know so little about binding contracts, and how the sales process goes is probably evidence that you SHOULD have an agent guiding you....at least on the first deal, so you can learn the process, the contract deadlines, what you can ask/demand of the Seller, and what is expected of you.  Otherwise, you are in jeopardy of losing your earnest money because of something you missed.

To answer your question, if you have an accepted offer signed by the Seller, you have a binding contract. The fact that the property is listed in MLS, or that you don't have an agent are completely irrelevant to whether you have a binding deal, or not.