Hi BP !!!
As a real estate agent, Do i have to use trec form to wholesaling or i can use whatever i can find from online ?
and I know i have to disclose that im an agent if i use Trec form but is that all you need to watch for when you want to wholesaling ? or is there anything else you need to be caution about ?
I hope i dont ask for too much, but It would be awesome awesome if someone can send me an example of 1-4 trec form doing wholesaling . thank you so so much :)
I don't know the answer for sure but this is something that I wonder myself. I also wonder is it our obligation if we are making a low offer on something to wholesale, should we offer a second alternative of listing the property and showing the costs and profits that would go with that. This is one of the reason's that I have stayed away from wholesaling.
Good Luck! Aaron
Thank you Aaron. That is something always concern me about wholesaling as a realtor but i see ton of realtors who doing that all the time so i was wondering if they have any tips or anything advise for newbie like me .
It's illegal in most states because its essentially you getting paid net commission which most states outlaw as it limits your incentive to act as a fiduciary to the seller. Who even though you may not have a formap agency relationship, agency may be implied as you are taking the seller under contract to arrange a sale of his property to another. Definitely a no no
@Hao Dinh IASB is required in all dealings with prospects regardless if you use the TREC forms or not. In these situations, no matter what, you must disclose that you are an agent - it's the law. Below is the language from the TREC website:
"Texas law requires all brokers and sales agents to provide written notice regarding information about brokerage services at the first substantive communication with prospective buyers, tenants, sellers, and landlord concerning specific real property. "
@Hao Dinh . What does your Broker think of Agent wholesaling? Definitely opens the Broker up to a higher level of Liability.
Now, if you were offering to actually Buy the property, if it didn't sell that is a different proposition.