Wholesale Using Zillow?

Question

I have a property under contract. Can I use Zillow and Facebook to market my property before closing? I am looking for a buyer to close on it and escrow is open.

Barry Pekin · Answer

@Joseph Hernandez,

Laws vary based on where you are.

Having a signed contract is not the cure-all for everything.  Yes, it gives you rights.

All you have is a contract that says you can buy a property.  You're don't own the property until you execute the contract.  You can certainly sell the contract, but you can't sell the house since you don't own it.

Again, you should already know a lot of cash buyers, and if you don't, you should be hard at work connecting with them.  Actively seek out cash buyers.  Call them, email them, and text them.  Do whatever it takes to open the lines of communication with them.  One of the first questions they are likely to ask is, "Do you currently have an opportunity?"  Most wholesalers say no because they're doing the networking up front.  You can say yes.  And if they don't want what you currently have, you've formed a contact for the next opportunity.  This route is more work, but it pays off way more.

Joseph Hernandez · Answer

@Barry Pekin

Thanks Barry, even after the contract has been signed can I not do that? Now that I am principal/retain equitable interest?

Barry Pekin · Answer

@Joseph Hernandez,

Be extra careful.  It sounds like you are crossing the line between wholesaling and acting as an agent.  Acting as an agent (unless you are one) can get you in a lot of trouble.

As a wholesaler, you should already know a LOT of buyers and be soliciting them to buy your contract.