Hello everyone !
I am seeking advice on a current situation.
I have a cash buyer who is interested in a property in a senior citizen community 55+. Would I be able to wholesale that property to her in a double escrow ?
I was told people are not allowed to put offers on properties without being approved through the park.
This would be a cash offer. And I could not get approved because of my age but my company doesn’t have an age ...
Also, if I was unable to wholesale the property, would I be able to act as her buyers agent ? I do not have a RE license but the buyer would like me to act as her buyers agent .
Thank you for all your help and responses!
First, don't try to act as an agent without a license. I'm pretty sure that's illegal everywhere. (Let's not start the conversation about whether wholesaling is acting as an agent without a license!)
So, "I was told" is vague. I would track this down a little more carefully. If they have an association of some sort that prohibits the sale to anyone not approved, then that's part of their association agreement, and the seller would have to abide by that.
I can't imagine you would be prohibited from making an offer. The seller could only be prohibited from completing the sale. If you make an offer, put it under contract, and then assign the contract to someone else, I would think the association would only care about the end buyer. In fact, I would put something in the contract with the seller to address that so you wouldn't be help accountable if they end up not approving the end buyer.
Of course, be transparent with the seller and remember, there's no deal if they aren't properly motivated.
Wholesaling is fine by the way and not illegal. Its off market and under contact then assigned to a buyer. And it's all transparent. Watch Raphael vargas and Brent Daniels. Call title companies and ask who is wholesaler friendly straight up.
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