I have a wholesale property under contract but am having some issues when describing the property to prospective buyer.
For instance, since I am assigning it, yet am listed as the buyer who has the option to assign, should I just leave out the fact that it is a 'Wholesale Property' and just say I am selling it? What language should I be using?
Some prospective buyers, when asking about the property, don't want to proceed dealing with a 'Wholesaler'. They want to only deal with the end Seller.
Congrats on getting the property under contract. That's the toughest part. If you are dealing with investor/rehab buyers they all understand how the wholesale deals work. I have done many wholesale deals and the 'buyer' doesn't care if I actually own the house or not. They only care if it's a good deal and do you have it under contract. Other than that I have never and I mean never had an investor/rehab buyer hesitate to buy because I'm a wholesaler. A lot of investors rely on wholesalers to consistently find them good deals.
Move forward with it. It sounds like a piece of cake........Roland
@Timothy J. Who are you speaking with as your buyer's (the one you will assign the contract to)? Are you dealing with agents, investors or regular retail buyers?
As @Roland Paicely mentioned, I doubt an investor would turn down a deal or frown on it just becuase it's coming from a wholesaler (unless the numbers don't work).
I've come across real estate agents that aren't familiar with wholesaling. When they ask if I am the owner and I tell them I have the property under contract they usually ask what that means. I take a minute to explain to them what that means and then they either keep talking to me or they say they aren't interested. I've even had real estate agents contact me because they wanted to become my "seller agent". When I explain to them that i'm wholesaling the property, they understand.
Now I can see an average person having an issue because it might be an extra layer that they just don't understand and unlike an agent that has real estate knowledge, they have none so explaining in a minute or less may be hard.
Shvonne C. MBA, Moot Point Enterprise, LLC | [email protected]
Thanks @Shvonne C.
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!