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Forums » Wholesaling » wholesaling and assign real estate

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Gregory Boxie

Residential Real Estate Agent · Houston, Texas


Forum_avatar_avatar-gwboxie

Icon_minipost Jan 22 '08, 10:22 PM

Any agents out there that wholesale and assign real estate?

Edited: 06/26/2010 at 04:34AM


Eric Foster

Real Estate Investor · Portland, Oregon


Forum_avatar_avatar-ericfoster

Icon_minipost Jan 23 '08, 12:23 AM

When you say " agents" do you mean Realtors?

Edited: 06/26/2010 at 04:34AM


Richard Decker

Real Estate Investor · Schaumburg, IL


Forum_avatar_avatar-rod_knockin

Icon_minipost Jan 23 '08, 11:50 PM

iI'm assuming thats what is Eric means. I believe there may be some ethical and legal issues with doing both. I know you would have to disclose the fact you are a Realtor at some point. I would like to hear the answer to this question as well.

Edited: 06/26/2010 at 04:35AM


Robin Vidovich

Real Estate Investor · Reading, Pennsylvania


Forum_avatar_avatar-rdinvestors

Icon_minipost Jan 26 '08, 03:41 AM

I know of an investor who did both but turned over the contract to another realtor to handle while they did the wholesale part of the deal.
I would imagine that you could hold such a person to a higher level in regards to comps.

Edited: 06/26/2010 at 04:35AM


Ryan Webber

Wholesaler · Amarillo, Texas


Forum_avatar_avatar-ryan_webber

Icon_minipost Jan 26 '08, 08:47 PM

I know several wholesalers who are agents. As a licensed real estate agent, you are held to a higher standard in any real estate transaction.

Most states' real estate laws are very similar but I know in Texas that you always have to disclose that you are a licensed agent. Doing it in the contract is normally sufficient but I've seen some agents who do it in any initial interactions.

Also if you came across the property in your " normal" day to day work as an agent, then you have to disclose to the seller the fair market value of the property. This last part is obviously open to interpretation. The idea is that if you are acting in any way that may be perceived as an agent then you have a responsibility to take reasonable care of your client, even if they aren't your client.

Edited: 06/26/2010 at 04:36AM


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