OfflineI am in the process of completing my 1st 2 wholesale deals. 1 will close end of this week and the other next week. I have my 3rd deal locked up and and marketing it to potential buyers.
PROBLEM: I had a real estate agent contact me through my marketing efforts and said she might have a buyer that may be interested. We got to talking for a while and she basically said I just need to be very careful because technically marketing this property, showing this property to potential buyers, and eventually selling this property is illegal because I am not licensed to sell real estate.
I spoke with the success academy and they said as long as I have permission to market the property by the owner everything is okay...
I spoke with my attorney and said wholesaling and double closing are not illegal, but if I don't have my real estate license technically I am not allowed to market and show potential buyers the property. He said if I am working with the buyers real estate agent and that agent is present, that is okay.
But what if someone calls me who is interested in the property who is not represented by a real estate agent?
I truly thought it didn't matter whether I held a real estate license or not but apparently it would make things a lot easier, and 100% legal...???
Any advice would be great.
Life is for the living!
Sean Brooks
Nationwide Housing Group, LLC
Its not illegal at all its called whole selling. don't listen to your real estate agent she doesn't know what she is talking about. All dean's students start off whole selling. The only way your going to make money is to find a buyer. If I were you I would find another real estate agent that is more familiar with the process or if its a FSBO I would just do it by myself.
Hi There!
It's not illegal to show potential buyers IF U own the properties - but if you are acting as an agent for the property, then it's illegal. U need a license.
To make sure state your case to the Real Estate Board (local)or check the Dept.of Real Estate.
Hope this help
Alex B.
Rich people choose to get paid based on results.
Poor people choose to get paid based on time.
T.H. Ecker
If you get an Option to purchase Real Estate Agreement contract signed by the seller you should be ok. But I would still check into it
Jay C
Jay C