Can you wholesale a deal won at the auction?

[Vincent Gamboa]

Hello BP,

I am fairly new to REI and was wondering if you can wholesale a deal that you win at the courthouse steps? If so, how would I go about doing this?

So if I place the highest bid at an auction and they have said yes, you have won, then do I directly go to pay for this deal in all cash? Where then would my buyer fall in?

Thank you all in advance for the help!

[Jay Hines]

You can wholesale anything you buy.  There are no laws against buying a property or anything for that matter for one price today and selling it for a higher price tomorrow.  Our whole economy is based on that.

That being said, when you deal in REO's, banks can impose deed restrictions that prohibit resale for period of time, but there are ways around those, too. However, I've never seen those on sheriff sale properties.

Furthermore, you need to make sure you aren't trying to sell the property before you are in-title.  Otherwise, you are acting as an unlicensed agent, and that is against the law in every state as far as I know.