Wholesaling an MLS property?

1 Reply

I’ll try to keep this one as short and sweet as possible. I received a phone call a few days ago from the grandson of a homeowner. He said he moved down from another state recently to help his grandmother sell an old house of hers and settle other matters.

She had apparently gotten too old to take care of herself and abandoned the house a few months ago to go stay with family in Florida. He said she wanted $15k for the house. $15k is an amazing deal so I said let’s proceed. 

Come to find out, it had been listed on the MLS For $50k the very same day. I contacted the agent, explained the situation and she promptly told me the price was $50k not $15k and the homeowner would accept $35k at the lowest. Early next morning, grandson told me the grandma would take $16k. It's worth well over 16k as-is so I got it under contract with the agent.

My intention is to wholesale the property, typically I would blast it on CL and FB marketplace but I feel that I can’t do that in this situation because of the agent. The agent comes off as unfamiliar with investing so the idea of wholesaling would likely cause big confusion if the agent caught wind of it. I know it’s really none of their business what I decide to do with the property at this point but I still don’t want any kind of uncomfortableness in the transaction.

My buyer pool so far hasn’t bought it because most of them only buy in other areas. My buyers list didn’t bite on my last deal either but it flew off the shelf on FB marketplace, so you can see my predicament. I’d much rather wholesale it than close on it myself. 

I'm going to a REIA tomorrow which I may be able to source a buyer at, but I'm mainly presenting my situation to see if any of you has experience with a situation like this and if you have any tips/advice for me. I appreciate it!! 😁

I doubt the listing agent would even know if you put it out to a few places online. 

Be prepared to close on it if you don’t sell it in time. 

Good luck