WHOLESALE DEAL BUYER HAS AN AGENT

7 Replies

I am conducting my first wholesale deal. The Buyer has a real estate agent. I need someone to tell me step by step how to complete this transaction. I'm only aware of how to complete the transaction with someone who does not have an agent.

Thank you in advance!

Interesting! How did your buyer find your wholesale deal?

Was that a deal listed on the MLS?

Originally posted by @OREESHA MCCREARY :

I am conducting my first wholesale deal. The Buyer has a real estate agent. I need someone to tell me step by step how to complete this transaction. I'm only aware of how to complete the transaction with someone who does not have an agent.

Thank you in advance!

Why would it be any different?...

@Patrice Penda I placed my deal on Craigslist, FB marketplace, and in a couple of real estate investor groups on FB where agents and investors hang out. 

@Brent Coombs I wasn't really sure.  Here's whats happened so far. The agent submitted an offer from the buyer on her purchase and sales agreement. I then accepted the offer. 

I wasn't sure how to go about getting the buyer to sign my assignment contract.

So are you saying that I would send my assignment contract to the agent to have the buyer sign and then take all paperwork to the title company? 

Also, the agents contract stated that Keller Williams would hold the $500 earnest deposit. I want the earnest deposit to go to my title company so how I do I change that?

Agent also stated that the buyer will pay her commission directly and that he would like to get going on the inspection.

I just want to ensure that I have every T crossed and I dotted and that I am doing every step accurately.

Originally posted by @OREESHA MCCREARY :

@Patrice Penda I placed my deal on Craigslist, FB marketplace, and in a couple of real estate investor groups on FB where agents and investors hang out. 

@Brent Coombs I wasn't really sure.  Here's whats happened so far. The agent submitted an offer from the buyer on her purchase and sales agreement. I then accepted the offer. 

I wasn't sure how to go about getting the buyer to sign my assignment contract.

So are you saying that I would send my assignment contract to the agent to have the buyer sign and then take all paperwork to the title company? 

Also, the agents contract stated that Keller Williams would hold the $500 earnest deposit. I want the earnest deposit to go to my title company so how I do I change that?

Yes to your first question. And, why would you have a problem for the Buyer to select an Escrow account of their choosing for the deposit? (I always recommend that to Buyers).

Is it about trust? Trust needs to work both ways, right? Do you want this sale?

The worst that can happen is: The Buyer reneges, for any (contract-permitted) reason.

If you can't find another Buyer in time, you get to buy this super deal - yourself!

Because, every wholesaler needs the ability to close on any deal that they get under contract!

Good luck...

No I don’t have a problem as to where he wants it to go. I just wasn’t sure how it worked with it being somewhere else that’s all. As I’ve mentioned this is my first deal and I’m learning as I go. I’m excited and nervous all at the same time...lol! I appreciate all of your help. Thank you!

@OREESHA MCCREARY

Get some transactional funding and double close.

You alteady signed an agreement.... it's too late to assign the original agreement.

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