Hi everyone! My name is Matt and I'm a wholesaler in Sacramento.
My Question is:
I have a Realtor that is willing to write offers for me and submit them to the listings on the MLS however can I submit the offers using my typical wholesale contract or does it have to include the agent some how, or do I have to use a CAR Form?
Any help would be awesome!
Thank you so much?
@Matt Iacovazzi Disclaimer: I have not done this, just trying to think it through...
If you are working with a Realtor, the agent is most comfortable with and will likely be submitting offers using a CAR Form...If you wanted to collect a wholesale fee above and beyond what a finders fee might be, you'll need your wholesale agreement to your end buyer and coordinate that with the Title Company. Speaking of which, the Title Company could be a major hiccup. You should check with a few and see which ones, if any, will allow this. Some other things to think about:
-If something happens, make sure to act within your loan contingency period.
-Will you be putting deposits down yourself, qualifying for a loan yourself, then switching to cash when you find an end buyer?
Has anyone flipped an MLS deal (in Sacramento or elsewhere) like Matt is inquiring about?
Thanks Jake. I've done wholesale deals before just never off the MLS. There are investors in Sacramento that get their deals of the MLS and so far all of them have said to me, including my title company that they use the RPA, however none of them seem to know if I'm able to use my wholesale contract. I just wanted to use my wholesale contract because it would be easier for all parties because of how simple it is including me. I'm probably just going to end up using the RPA though because agents will recognize it. Thanks for your help Jake.
You must be a BiggerPockets member to post on the forums
Join the world's largest, most open Real Estate Investing Community online, 100% free forever!