I have a house I plan on wholetailing and I am trying to figure out if there is a legal document I need the seller to sign, agreeing to let me put the house on the MLS? If so, where can I find it, or do I just type it out myself and have them sign that along with the contract itself?
Thanks for the help,
You should consider becoming a licensed Realtor. If you list a sellers home on the MLS through an agent I am sure they will want a fee, then you have to pay a buyers agent. If the buyer is not a cash buyer and wanting to do financing it will get real messy.
@Curt Davis Why would it get messy for financed buyers?
Hi @Shanequa J. ,
DISCLAIMER: Not in Texas and I'm just some dolt spouting stuff on the internet, best to ignore and in no way take as legal advice.
When you finance a property, there is a bank involved and they will want to see where the money is going. They are most likely not going to allow an "assignment fee" to an unlicensed agent. Also the house will be required to appraise for at least as much as the loan value and your fee. So someone is going to have to pay your fee in cash (because a bank is not going to finance it). Also when putting it on the MLS you are inviting agents along to get their 3% (or whatever you choose). They are going to be writing the offers and presenting them to the agent who lists the house on the MLS. Which in order to do they have to have an agreement with the owner of the house and permission to list.
So it will get messy. If you were here I would say pay $300 get licensed and don't join the board. But that way you can have a licensed agent on the board post them and give you a cut legally.
When the buyers bank does a title search and sees the real owner is not the person listed on the sale contract, this will cause an issue. Most wholesalers just sell the homes to cash buyers without Realtors involved. Once you start to add layers to the deal it becomes more tricky.
Hope that helps.
IMO, wholesaling plus MLS is totally contradictory. MLS is soliciting offers for purchase, while wholesaling is about contracts seeking the party of the second part (the end-buyer).
No real estate board will allow a fully transparent Contract to be posted.
Thank you everyone for the response and advice!
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