well i have a property under contract for 100k, the property is worth between 130k-150k, this property does nor need any repairs and my first thought was to assign to someone for 10k, but my question is, if I already have it under contract,can i work with a realtor so he can find a retail buyer?,can something like this be structured, and how would it work?
Generally speaking when you as a wholesaler get a property under contract the contract with the seller is usually no longer than 15 business days, depending on what you cannegotiate. So a realtor would really not be useful since it's highly unlikely that he/she would find a retail buyer that quickly, and your property would eventually fall out of contract. Besides, you want cash buyers who can a) close and b) close quickly. That typically does not describe a retail buyer. You are better off marketing it to other investors, pitching it at REIA's. Craigslist, etc.
Yes what Terry said is true. I have however used a realtor before to find my buyer and given them a % but I had worked with them previously and they dealt with other investors so they already had people lined up.
You can technically work with a realtor to find a retail buyer to wholesale to (I was working on a deal like that last month). Problem is, most retail buyers are not cash buyers, so they'll be looking to get a mortgage, which means you'd have to explain to the seller about the end buyer who's not buying all cash (since they'd have to wait to get pre-approved, and most retail buyers drag their feet on getting pre-approved; not to mention potential retail buyer(s) wanting access to see the inside). And if you've already told the buyer that you're a cash buyer (which is what most wholesalers do), then you have a problem bcuz now the seller's thinking you lied about who you were.
But if you can find a retail cash buyer, and the realtor knows how to structure it, along with the title company so everybody's on the same page, yes you can do it.
Thank you for the responses.
I talked to a realtor in the area, and he said that houses in that area do not come up very often, and when they do they sell pretty fast, so i forgot to put those details, but i think it'll be easier just to assign it to another investor, i haven't worked with this realtor, or in the area, so if anyone is interested let me know property is in Mc Farland C.A. pvt.msg me for more info.
And thanks for your help!
Private money or partnership is always an option if you have that kind of spread and doesnt need any renovation.
If its move in ready for a retail buyer, you will typically get the highest sale price listing it with a realtor on the mls.
Not as fast as wholesaling but should make you a LOT more money.
Dell Schlabach, BenchMark Properties | 3304326927
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