Updated over 17 years ago on . Most recent reply
Came across a "wholesaler"...
My wife and I located a "FSBO" home and called on it. The seller is not the owner, he's acting as the agent, but not licensed by the state (he admitted that). He says he brings buyers and sellers together for a fee. His fee, for this home is $25,000. The asking price is $240,000.
Since he's not the seller, and is collecting a fee, I'm assuming he believes he is a wholesaler.
He won't tell us the address of the property until we sign his form indicating we'll pay him $25,000 if the property closes. That seems like a VERY steep fee. What would be a more reasonable wholesaler fee?
Furthermore, I'm a little concerned that he's acting as an agent even though he's not licensed....