We recently picked up a deal in Arcadia, OK and I heard that you cannot market a property in OK unless you own it. We are closing on it next week on the acquisition side and were marketing it online to find an end buyer to assign it to for a double close, so we don't own it officially yet. How do you market wholesale deals since wholesalers don't "own" the property? Any suggestions would be super helpful.
Thanks a ton,
i see wholesalers do it all the time. not really sure there is an issue with it until its time to sign the docs. if your purchase falls apart and the sale contract is still in force to sell to your buyer you could get into a sticky situation. best to be careful in the way you word your contract.
Rhett is right. Happens all the time. There would be no "assignment of contract" if a wholesaler couldn't advertise prior to closing. Don't sweat it. Market it (to me). Lol. Btw, if you assign it, there is no double close...just one closing.
Tina, the way I understand it, as long as you have an equitable interest (i.e. a contract) in the property, in Oklahoma, you're allowed to market the property. I'm not an attorney, so that's just my understanding, but that is what allows us to do any sort of wholesaling. Also a normal double closing (i.e. in the same room at the same time, using the funds from the B to C transaction to fund the A to B transaction) is frowned upon in Oklahoma. If you want to, send me the details and I'll take a look as well.
Thanks so much for the help everyone!
Free eBook from BiggerPockets!
Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!
- Actionable advice for getting started,
- Discover the 10 Most Lucrative Real Estate Niches,
- Learn how to get started with or without money,
- Explore Real-Life Strategies for Building Wealth,
- And a LOT more.
Sign up below to download the eBook for FREE today!
We hate spam just as much as you
Get the Ultimate Beginner's Guide
Sign up today to receive the popular eBook for free!