Ethical Way to Wholesale Relying on Cash Buyers - Not Enough Fund
I'm confident I can still close, but feels sketchy putting a deal under contract when I don't have the sufficient funds to close the deal myself.
What exactly are you asking? Is it ethical to get a property under contract and not have the funds to close?
Basically. Yes.
#5 Wholesaling Contributor
- Real Estate Broker
- Naples, FL
That is called FRAUD.
Yep, stupid question. Thanks for the answer. What is the best way to gain funds to close these deals, so my intentions are always to close?
#4 Wholesaling Contributor
- Wholesaler
- Austin TX
@Solomon Ficklin Hard money
If you're looking to wholesale, you don't need the funds to close the deal. Is it ethical? Yes, if done correctly? Do not deceive your seller. Explain to them exactly what you do. Be of service to them. The sellers that can be helped by wholesalers are those who have a need to sell quickly due to life circumstances. The price they sell for is not their top priority. Their top priority is speed and probably not having to put money into fixing up their property. If you can truly help them by selling their property quickly where they are not able to do this on their own, you are providing them with a valuable service.
When done as a service to the seller, where they know exactly what's going on, and in a legal manner, you're doing a good thing.