Listing wholesale deal on MLS

13 Replies

Originally posted by @Marc Whiting :

Is it legal to list a wholesale deal on the MLS in Richmond Va?

 It's a grey area, at least in Ohio.  The Board is saying no, but there is no verbiage anywhere stating that you can't.  Every listing agreement and purchase contract from the Board or Realtors use the term "seller", not "owner".  

I would research Michael Quarles, apparently he does this in Cali.  He claims his RE attorney's went against the Cali Board and won the argument. 

Marc,

Whether it is 'legal' or not I cannot tell
You for sure. I will say there are several agents who do this with some regularity, without consequences, in our market.

Originally posted by @Michael Quarles :

yes BUT not a wholesale deal 

 Ok right, I guess whether you are wholesaling or buying, if you are listing while in contract I don't know what the board would see as the difference?  Especially if you are double closing which would be the same difference.

I agree with #MichaelQuarles. I guess it makes a difference if the house you have under contract was already on the MLS and that's were you found it or if its a FSBO and have a contract with an individual. I will list a property that I have under contract through the listing agent on the MLS but not back on the MLS. That would certainly cause confusion with one pending and the other for sale. I advertise on postlets.com or craigslist while I have a house under contract. I think the best way is to create a network and buyers list and reach out to the investors who do not have a lot of time to find deals themselves but still offer an attractive profit on their end.

Originally posted by @Michael Quarles :

I wouldn't wholesale deals on the MLS it completely affects the ability of the buyer to resale.

 Michael, can you please go into more detail as to what you mean by affecting the buyer's ability to resell?