Can I wholesale a deal on the MLS?

8 Replies

Hello all! I wanted to see if it is possible for me to wholesale a property onto the MLS? I am not a real estate agent and I do not want to close on the property. I'm really asking, what kind of paperwork can I give the seller to make it okay to put the contract on the MLS? I live in VA if that helps

Not sure about Virginia, however you have to be a licensed agent here to place an ad on the MLS (or advertise a property for sale). I do not see Virginia being any different.

Good Luck!

Yes you can, if you do the proper contingencies and contracts, and know what your doing, the Listing Agent and even the Selling Agent should not even really know you're wholesaling it anyways. 

@Martine Jackson , You definitely cannot list a property on the MLS if you have contract rights or an assignable contract.

Not worth the hassle. If you want to wholesale find some off-market properties to get under contract. If you want to make money selling something on the MLS get a license and get a commission.

@Martine Jackson . I agree with most statements here. I'm licensed in VA and I can tell you that most Listing Agents and Buyer Agents will not know what you're talking about. Can you wholesale MLS deals? Sure... if you have the right contingencies in there!

@Martine Jackson you want to lock into "buying a house" as a wholesaler and then turn around and put it on the MLS (I assume you would have to use an entry only service to get it listed)? If that is the case, how do you plan to show the property to prospective buyers? Will the seller know you are actually not buying it, but simply listing it without being an agent? Will you stick a for sale sign in the yard? I know nothing about the legalities, this is simple banter about how you would even handle this type of thing.

The seller is aware that I am assigning my contract. I'll show the buyers like I'm showing them now. House is vacant and I have access. Planning on getting an agent to list it for me. Just wanted to see if anyone on here has done it before. Guess I ought to speak with my attorney.

Originally posted by @Martine Jackson :

The seller is aware that I am assigning my contract. I'll show the buyers like I'm showing them now. House is vacant and I have access. Planning on getting an agent to list it for me. Just wanted to see if anyone on here has done it before. Guess I ought to speak with my attorney.

The seller is likely party to an exclusive listing agreement... and will owe a commission regardless of how the property is sold. 

If you hire an additional agent with only an equitable interest, I think you'll find yourself in the middle of a mess.

I'll follow this thread and hope to hear how it all shakes out.

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