Wholesaling MLS Properties

Wholesaling MLS Properties

Hello all. I'm looking to wholesale properties on the MLS and was wondering how I'd go about getting my buyer(s) to view the property... I'm kind of up to speed with how the numbers will work-just a little skeptical of coastal funding & insiders cash, but that's for another time. Also, as far as my end buyer seeing the property, how would I be absolutely positive that they wouldn't go around me and put in a higher than what I'd offer with my REA if it's a good deal? All help and assurance would be great. Thanks.

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Lock Up the Property First

Yadabnns - you need to lock up the property first (make an offer and get it under contract). Then present it to your buyers. If it's truly a good deal, you don't have worry about your buyers going around you.

Good luck!

- Tom


Get it under contract

Wholesaling is utilizing control without ownership.
when you have a property under contract(locked up), there is no going around you at that time, the seller cant agree to sell this property to someone else, that is illegal! That right to sell this property to someone else is now yours.


A Further Protection

For most purposes, placing the property under contract should resolve any concerns about another person snatching the property from under you. You control it, as Harold said above.
Some investors in the program also like to forward to their cash buyers a Non-Disclosure and Non-Circumvention agreement, wherein the buyer agrees that they will not circumvent you on any property you bring to them without paying you the assignment fee that was originally in your assignment agreement.
In the event that you are unable to get this property assigned to someone and collect your profits, and you must instead terminate the agreement, this will guarantee that they cannot jump in and purchase the property without paying you.
As an added suggestion, any time you place a property under contract, you can file a "Notice of Interest" at the County Recorder's office, which will alert any closing agent involved in the sale of the property that they need to contact you regarding your interest in the property. This will provide you with an opportunity to defend any claims you have on the property if someone attempts to purchase it who has a non-circumvent agreement with you. As an added note, if you do record one of these Notice of Interest forms, take two copies with you, and ask the recorder to "Conform" the copy. They will stamp it recorded and send you home with an original of your recorded document--and it only costs a couple of dollars more to do this.

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Dallin Wall
Real Estate Training Team
Forum Blog Location--A collection of my
"Best of" posts:
http://www.deangraziosi.com/blogs/dwall


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