Seattle wholesaleing

6 Replies

Hi BP.

I feel that owner occupied wholesale is not possible even though gurus do say it is. I'm wanting feedback or suggestions on how to get a deal done by owner occupied or is it even worth time effort. 

Originally posted by @Keith Ellis :

Hi BP.

I feel that owner occupied wholesale is not possible even though gurus do say it is. I'm wanting feedback or suggestions on how to get a deal done by owner occupied or is it even worth time effort. 

 Why do you think it's not?

I'm a new invester an I have heard lot of talk about owerner occupied homes are not possible reason 1 being that the banks are tougher these days an are not taking offers from wholesalers they use to but not anymore. I'm am just curious if there are any wholesalers out there that are using the strategy of owner occupied an if so what's there strategy. 

you cannot wholesale owner occupied thanks to RCW 61.34...period.  it is a class 2 felony.  it has nothing to do with banks, but you also cannot wholesale bank REOs because they will not accept the and/or assigns and very often there are clauses restricting the resale of the property.  the idiot gurus who say you can do it don't know Washington State law.   this is one of the many, many dangers of all gurus, they get paid to teach, not do.  

I believe Oregon has similar legislation and maybe even California regarding owner occupied.   

[email protected] | 360‑927‑0959 | http://www.patbritton.com | WA Agent # 120557

thanks Patrick for the clarification am not confused on that now. 

What part of the distressed home consultant law applies to bank owned properties? Are the banks distressed home sellers or what part am I missing?
What part of the distressed home consultant law applies to bank owned properties? Are the banks distressed home sellers or what part am I missing? We represent the banks as REO agents and I am not sure if I understand the connection to distressed home consultant law. Owner occupied is not limited to just foreclosures and bank owned properties are not owner occupied.