heh, went from 99% of all wholesalers to 99% of beginning wholesalers to 95%. we never know why the seller decided to go with the buyer.. the buyer could have just offered the seller more money.. who wouldn't take more money??
It is my understand that if you are trying to sell or buying real estate on a behalf of another person then you need to be license. that's acting as having a responsibility for someone else. but if you are acting on your own behalf. you don't need to be a realtor to buy property on your own. (fsbo and their customers)
if you intend on purchasing a property, but then prior to closing you decides to sell that interest (the contract not the property.. the contract) to someone else for a fee by assigning it. that not okay? a tons of people do it.. and its been practice for years now. they do it in title companies and through attorneys. its just the matter of what's in your contract
things like : buyer may assign this agreement... seller is aware that buyer intends on reselling, renting or leasing property for profit... profit made by buyer during this transaction relating to resale, rent or lease of property are the sole interest of and owner by buyer.. seller allows buyer to market property during escrow for buyers benefit... seller completely reviewed the agreement and agrees to have the option and time to seek legal council prior to signing.
if they read the contract and saw legal advice, and they still want to sign it then... that's the seller's choice.
it also matters on the conversation you have with the seller.. always tell them what you intend to do. i mean why not tell them. if they are motivated to sell the property... they wouldn't care what happens to the property once its sold. no harm in telling them. something like my partners and i would be more than happy to buy your property... not as an owner occupant but as an investment option or for investment purposes.
Lastly a real estate attorney should be one of your team members. get familiar with the closing attorneys and your title company. ask for an over view of how the process works. have them read your contracts or make one for you. they are here to help because they want your business.
And above all.. you yourself should seek legal advice from your local attorney. they are the only ones who can give an opinion of what's legal and whats unethical. talk to them about scenarios if you must... it may be a price for their time but its a heck of a discount than getting sued do to ignorance.
As always. these are only my opinions and/or suggestions. I am not an attorney and i do believe some of the people on this forum are not as well.
its just crazy that people choose to talk down on the people who preform a particular stye / part of real estate investing with out giving suggestion on how to do it the right way or what they wished their one and only unethical wholesaler would have done instead of giving them the bad experience.
