Possible to sell SFR contract done through Agent

[Jason Sung]

HI, I am new to wholesale and I have a very basic question. I have a property under contract (from MLS and through my agent) that I originally intended to either BRRRR or flip. I changed my mind and want to back off from the contract.

My question is, is it possible to sell such a contract? Based on my reading, a general wholesale process does not engage agents (i.e., no listing agent and no buyer's agent). Would appreciate any advice!

[Guy Gimenez]

Possible? Yes. Likely? No. You don't yet know what you don't know which means you can't explain it to an agent who likely has little to no understanding of how an assignment works. You'll have to be sure the contract doesn't include a prohibition regarding an assignment. Many title companies will not close an assignment UNLESS the seller specifically agrees to it as well. If you assign the contract and the buyer fails or refuses to perform, you're still on the hook to close UNLESS the seller specifically releases you, as assignor, from all obligations. And this is before you get into the issues relating to lenders for the assignee. Close and re-sell. If you lose money, you've at least learned a valuable lesson.