When wholetailing on MLS

Question

I'm a licensed a real estate agent and listing a property I have under contract. I have multiple offers already. My question is how do I transfer the title? Is it as simple as an assignment contract just like a wholesale deal or do I have to double close or is there a different method for wholetailing?

Jeet Sangha · Answer

MLS allows it. Broker is aware of it and is comfortable with it.

This will be a cash sale only.

I just don't buyers to run away when they realize I'm making huge profits on assignment fees. Being an agent I have to disclose everything short my of social security number. 🙄

Rick H. · Answer

Use a title insurance company to close such as Chicago, First Am., etc.

Anticipating issues and concerns is easier than reacting, so kudos to you

BTW. If you are an active agent then you must have a broker. Your broker may or may not have a written policy that addresses an agent who has their own deals. Either way, I'd have a conversation. They will hopefully be helpful. That's an advantage of working for a seasoned broker with in-the-trenches exoerience.

Wayne Brooks · Answer

If you're assigning, you need to be indicating that in the MLS, or you'll be getting regular offers to purchase.  Make sure the buyer's lender can work thru the assignment, or the outlet close issue.

John Thedford · Answer

Does your MLS allow you to take this listing? As far as closing, forget the double closing. Are you assigning? The title company will handle all the necessary paperwork, check for liens, make sure clear title is delivered, etc.  They need to know all the details, have the listing agreement, have your contract, etc. They handle closing which includes recording to transfer title.