Wholesale, MLS and Earnest Money

[Austin Faux]

I was recently told that you can wholesale (double close) off the MLS since the seller is paying the initial realtor fees. I have a few questions though:

1) If I double close does that mean I have to pay the realtor fees (5%-6%) at the second closing?

2) Do I have to use earnest money, or can I make offers on the MLS without earnest money? (I understand it might not be the norm, but is it technically feasible)

3) Can I start advertising the property after I get the offer sent or do I have to wait till it's accepted?  (My thinking is if I find a potential buyer before the offer is accepted then perhaps I would feel more comfortable in the negotiation process, kind of knowing my financial "limit" based on what kind of response I'm getting from buyers.)

Just curious and trying to learn the mechanics/logistics.

Thanks,

Austin-