Wholesaling Listed Properties...

[Travis Carpenter]

Is it possible to wholesale listed properties with out "using" transactional funding and instead just using a proof of funds letter and once offer is accepted mail earnest money?

Here is the scenario. A few months back I made an offer on this probate, my intentions to assign to one of my buyers. The seller declined at the time and decided to list it. Today, the seller had the realtor contact me to see if I am still interested in purchasing it. How do I go about wholesaling this property. They are willing to take what I originally offered, but now the realtor is involved.

Is a possible way of doing this using my purchase contract used in my regular wholesale transactions to tie up the property?

Or have language/ stipulations added in the contract?

Anyone who has done this without using transactional funding and double closing please help me!!

[Scott Hubbard]

1. You first need an end-buyer with cash. If you have an interested buyer, then proceed to step 2. If not, you should shop the deal before going under contract since listed properties generally mean you will have a sizable EMD at risk.

2. Since it is listed in the MLS, you're not going to be able to use your contract. However, you may be able to incorporate some of its language in an addendum.

3. On the contract where it says buyer, make sure you put "and/or assigns" right after your or your entity's name. Some REALTOR contracts are assignable and some are not. It may not be necessary to put "and/or assigns". You should check with your local association.

4. Submit your offer. You will have an inspection period to fall back on, but you should also have an Assignment Contract signed and in escrow before the inspection period is over.

Good Luck