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Updated over 7 years ago on . Most recent reply

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Edward Mitchell
  • Florissant, Saint Louis
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Is wholesaling permitted in my state???

Edward Mitchell
  • Florissant, Saint Louis
Posted

I will keep this one short and sweet guys since I feel confused. Is wholesale illegal in Missouri  or are there any instances where it would be at all?

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Bill Gulley#3 Guru, Book, & Course Reviews Contributor
  • Investor, Entrepreneur, Educator
  • Springfield, MO
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Bill Gulley#3 Guru, Book, & Course Reviews Contributor
  • Investor, Entrepreneur, Educator
  • Springfield, MO
Replied

All true, except there is no way to make something legal that is illegal. Wording in Mo. law is "facilitating a sale" that can be a wide swath of activities and will be defined by the RE Commission. You'll need to buy, take title, then sell for a clean transaction. There are transactional lenders to bridge the gap.

If you have workable circumstances, the seller can seller finance (sub-to if need be, not a consumer loan) to close your side, then pay off the note. The note and DOT will still need to be filed even if the term ends up being an hour. Remind the closer to obtain a deed of release for the second transaction. :)

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