PLEASE HELP!!!

[Martin CS]

I am a wholesaler , mostly worked the residential sector up to this point. I have an 11- Unit multi-family where I am looking to make a wholesale fee.

The property is bank owned and it is in receivership. The property is with a Broker but is not on the MLS? I asked the Realtor about this and I forgot the exact reason he said that is not on the market. The property was listed before with a different broker at a higher price just a few months ago. What could cause a broker not to list a property to the public and is there something shady that I should worry about?

The major problem I have is how to bring a buyer and get paid for my effort. I normally take a residential property under contract and then assign the contract for a fee. Given that this is a big property and in receivership , not sure if that's the best way to go. Besides they would probably ask for large deposit and I would risk losing it if I can't get the job done. I was thinking something a long the lines of a consultant agreement although I never done one before. Should I get one drafted by my attorney before bringing my clients or after I have an interested party?

BTW, the agent knows exactly what I am doing and even suggest getting paid like a consultant but we didn't get into the details. So to recap I would like to know if it's a red flag the property not being listed? I looked up the broker and he checked out. And what is the best way to get paid here?

One final thought is that this looks like a solid deal as I looked at the numbers closely and even have an interested buyer that looked at it already. That's not the issue here or else I would not be this far. Need advise from more experienced commercial investors please. Thanks a lot.

MC

[Paul Falbo]

The receiver will be bound by the court order appointing the receiver.

As the lender has probably started a foreclosure action, and a receiver has been appointed, the receiver has probably terminated the listing agreement with the previous listing agent.

Receivers are appointed to safeguard the property during the foreclosure process; and, protect the lender from any claims relating to interference.

In many receivership orders, the receiver is given the authority to manage, lease, sell, etc.; however, both parties (lender and borrower) might have to agree with the offer.

My recommendation is to deal with the receiver and make an offer. The worst that can happen is that they say "no."