Posted by js-Indianapolis on November 09, 2002 at 12:18:32:
Checked out the site and I like it. Clean look, and to the point.
I was wondering how much you sell your contracts for. Also, do you ever sell retail? I’ve got a place I’d like to retail for a while, but can’t find anyone who is competent enough to double close. The flip side is that I’ll most likely make $20-$25K from this one, and most homebuyers don’t have that kind of $$ to just buy the contract. What might you do?
2 Questions about Wholesaling?? - Posted by JSmith
Posted by JSmith on November 04, 2002 at 18:30:50:
Good day to you all!
My first question is this. After you’ve put a property under contract to purchase it, and you plan on wholesaling it to someone else, what do you say when your buyer asks if you are the owner of the property of if you’re on the deed? This leads me to my next question.
Why is it not legal to put a house for sale when doing a simultaneous closing? This is what I mean. I have a property under contract and I’m going to wholesale it. For one reason or another I’m only able to wholesale it by doing a simulataneous closing. In order for me to find a buyer I need to market the property. Now, being that I’m not the rightful owner of the property isn’t it illegal for me to actually set-up a purchase contract between me and my buyer to purchase this property which I don’t even own?
Someone please help me out here. I hear too many different opinions on this. Some people say that it’s legal because you have equitable interest via the purchase contract between you and the seller. Others say it’s illegal because you don’t own the property. Et cetera.
I’d be very greatful for any assisstance that any of you could offer. God Bless:-)
JSmith
Re: 2 Questions about Wholesaling?? - Posted by lenny dias
Posted by lenny dias on November 06, 2002 at 19:23:49:
this is what i do for a living go to my site www.buyqualityhomes.com i dont own any homes i am not selling the home i am selling my contract to purchase the home