Wholesaling Homes on MLS

If you have a good buyers list you can use your buyers money for the earnest deposit.

Also, you usually have 24 to 48 hours after the contract is signed by both parties (MEC) to deliver earnest. So you can market the property for up to 48 hours before the earnest is due. If you can't find a buyer than terminate the contract. Sometimes you can have an addendum to the contract that states earnest is not due until the end of inspection.

So, there are ways to avoid having to come up with earnest yourself.

I would not try and go direct to seller. They have a signed contract with the agent. They would need to cancel their contract with the agent in order to accept your offer. Can it be done? Yes, buy why, so you don't have to put up earnest? The seller will have to be very motivated to accept that offer!

Good luck,
Michael

Sorry for my ignorance, but how do I use my buyers money? How do you ask them without sounding like an amateur investor?

They will have to put up earnest money if they want to buy the deal right? So there is nothing amateurish about requiring your buyers to put up earnest.

You have them sign your assignment contact (or LLC or trust) and put up the earnest.

Michael

Hey guys,
Could you please clarify for me.
Nathanial used the term PVA (...lookup the homeowners on PVA) What is PVA?
and
Michael used the term MEC (contract is signed by both parties (MEC))
What is MEC?

thanks - Always learning

MEC mean mutually executed contract
Which is a signed P&S by both parties.

As a Rehabber/New construction investor I will say trying to wholesale off the MLS is not easy. Most of us have a real estate agent looking everyday on the MLS for us and if it's a good one we usually already offered on it or we have it tied up. If you are going to wholesale from the MLS you will have to be right on top of it best bet is to work with an agent that does a lot of for forclousers to maybe get you in first. And to be honest with you I'm not giving anybody money until a see a signed p&s and I'm not wasting my time writing checks so someone can try to get a property.
I don't mean to sound rude or shoot you down I just want you to know that it CAN be done it's just not as easy as it sounds. If you have $1000 dollars to play with to try and tie properties up it will make it a lot easier. As a buyer I won't even look at a property that my wholesalers have unless I know it's tied up by them.
Hope this helps.

thanks all for posting, like they said you have to be fast on the MLS, it is not easy but doable, the best deals are going to be off of the MLS.

I make offers & tie up the props & like Michael said send them .immediately to my buyers, they move on them right away. You have to have a good buyers list tho, talk to your buyers & get close to them & find out how much $ they are comfortable with putting down for earnest to make your offers more attractive in this hot market ok & get their criteria.

thanks all for posting, like they said you have to be fast on the MLS, it is not easy but doable, the best deals are going to be off of the MLS.

I make offers & tie up the props & like Michael said send them .immediately to my buyers, they move on them right away. You have to have a good buyers list tho, talk to your buyers & get close to them & find out how much $ they are comfortable with putting down for earnest to make your offers more attractive in this hot market ok & get their criteria.

KevinMA, Google PVA and anything else of relation.