Posted by traderj on November 05, 2002 at 16:01:01:
JSmith, concerning your first question; just tell the buyer you have it under contract and are willing to assign the contract. It has been working for me. Serious buyers never question this. If they do, then find another buyer.
2 Wholesale Questions - Posted by JSmith
Posted by JSmith on November 04, 2002 at 18:31:32:
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