Fiduciary responsibility when wholesaling
I have someone who is a family friend who has had their father pass away.
They want to get rid of his condo ASAP. They don’t want the trouble.
I am an agent (but a newer one) and can list the place but they would also be willing to take potentially as low as 50% fair market value in cash.
If I put it under contract then sell it myself as a wholesaler would do, am I violating my responsibility to them as an agent?
Most Popular Reply
Just buy the house yourself and rent it out. If you haven't signed anything yet, then you aren't their agent yet and have no legal responsibilities. You don't need to be an agent to buy directly from another person, just skip the agent part all together and have a lawyer draft up a contract.