The wholesale real estate contract is the most crucial part of the wholesale transaction. Wholesale real estate is based on the idea of selling a property without actually investing or owning it and still extracting a profit out of it. It is a legal strategy to make money without ever making an offer to buy or putting a down payment.
The wholesaler handles the contract of the house till the time they find an end buyer. Once the wholesaler has found the right buyer, the wholesaler either assigns the contract or closes the deal.
What is Wholesale Real Estate?
In wholesale real estate, the properties are sold and bought in as-is condition by motivated sellers and buyers. The property is not repaired by the wholesaler at any time during the entire process. The wholesaler signs a contract with the seller and later finds an end buyer to assign the contract.
Is Real Estate Wholesaling Illegal?
Yes, wholesaling real estate is legal in the US. But, a wholesaler has to follow state-specific laws for carrying out the deal in their respective state.
Only licensed real estate agents can help people sell or buy properties in the US. Unlicensed individuals cannot represent a seller or a buyer during the transaction nor can they list the home on the MLS. A wholesaler does not violate any law as long as they work with a wholesale real estate contract or own the property for a short term.
Can a Seller Back Out of a Contract?
Sellers can usually back out of a deal if they have clauses in their contract and are motivated to do so. It all depends on the contract and the situation. Because of things like:
- The owner was able to get a better deal from another buyer who wasn’t part of the wholesale deal.
- The seller couldn’t find a new home that was good enough for him to move into.
- They have seller’s remorse and they do not want to sell their home again.
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