Wholesaling assignments and double closes are now illegal in South Carolina

[Jay Hinrichs]

OK folks I have real world experience at this.  This morning I went to wire in funds for my clients to buy a property in SC.

And because it was an assignment contract to ME as the buyer.. I got a call from title company and their attorney instructed them that

they can NO longer close deals that are from assignments.. or do double closes..  The assignor must buy the property themself. And then re market it they cant have a buyer lined up ahead of time.. as that on its face means they have marketed the property.

So read em weep wholesalers assignors.. but I am going to provide ulra short term funding for X wholesalers were we will do JV deals and they can still do what they do.. obviously its going to cost.. so wholesalers with limited profits wont be worth it..

Or X wholesalers in SC simply have to get a RE license and get in the business that way .  or simply do not operate in that state.

@johnunderwood 

[Ross Williams]

Quote from @Jay Hinrichs:

OK folks I have real world experience at this.  This morning I went to wire in funds for my clients to buy a property in SC.

And because it was an assignment contract to ME as the buyer.. I got a call from title company and their attorney instructed them that

they can NO longer close deals that are from assignments.. or do double closes..  The assignor must buy the property themself. And then re market it they cant have a buyer lined up ahead of time.. as that on its face means they have marketed the property.

So read em weep wholesalers assignors.. but I am going to provide ulra short term funding for X wholesalers were we will do JV deals and they can still do what they do.. obviously its going to cost.. so wholesalers with limited profits wont be worth it..

Or X wholesalers in SC simply have to get a RE license and get in the business that way .  or simply do not operate in that state.

@johnunderwood 

Lot of changes out there: The NAR lawsuit ruling, the TCPA text law, SC double-close law and don't forget GA's new law banning direct mail RE solicitations unless it is clearly marked on the envelope, which means your expensive letter is most likely going directly into the trash can. Why I don't do any of that stuff.