Can I market a home BEFORE I have the signed contract?

[Markeilsha R.]

okay here's the deal.... I have been dealing with this REO agent on a home in Middletown, NY, and I finally got the contract for that signed etc. While I was checking out her listings I found another home they are selling in Yonkers. I spoke to her about getting the contract for that and she said they wouldn't until Monday, since the office is moving and won't be up again till then. Is there anything that would prevent me (legally) from beginning a bit of marketing for the second property? Do I have to wait until I have the property contract in hand?

[Jon Holdman]

When I get a listing from a wholesaler that looks interesting I always go look for it on the MLS. If I find it and your price is higher than what's on the MLS (which is likely, since you're not likely to get a big enough discount to add your fee and then still be lower than the listing price) then I might just contact my agent and make my own offer. If you have it under contract I can't go around you. If you don't, I can.

Now, in reality if its interesting I've probably already looked at it if its on the MLS.

But the lesson is that if you don't have a property under contract a buyer can go around you. If its a private sale, that may be harder because they have to track down the seller. Its its on the MLS, its trivial.

If you're offering it at a price higher than the MLS price, you would lose serious credibility in my book. That's because you're not providing any value.

I know some wholesalers do have some success with deals off the MLS. But your real success will come from doing your own marketing and finding your own deals.