People who are interested in getting started wholesaling properties are not sure sometimes what state laws are concerning this kind of real estate transactions, and nobody wants to break any laws unknowingly.
First of all, although every state is different I can tell you that wholesaling is legal everywhere. That is just business and the free market system - buy low and sell high - nothing to worry about here.
If you are not a realtor, you are not considered a professional and you have less to worry about. Even though some realtors don't know Jack - I know some friends who have taken Realtor tests in several different sates and passed without any studying. In most states you have to score only 70 to pass and get your license - a D grade when I was in school. So much for being professional.
Anyway, here is my philosophy about the legal aspect. Do what is right and be brutally honest in everything you do - and you have nothing to worry about. If you are still concerned about the legality, talk to a real estate closing attorney (or a real estate specific attorney) and they can direct you.
In my opinion, the only people that should be worried about legalities are people who are trying to cheat others. When you purchase and sell a house "As Is", a buyer will not be able to come back on you. Be honest about everything and don't try to trick anybody in any way. Do right, tell the truth, and you should have nothing to worry about. - 16089
First of all, although every state is different I can tell you that wholesaling is legal everywhere. That is just business and the free market system - buy low and sell high - nothing to worry about here.
If you are not a realtor, you are not considered a professional and you have less to worry about. Even though some realtors don't know Jack - I know some friends who have taken Realtor tests in several different sates and passed without any studying. In most states you have to score only 70 to pass and get your license - a D grade when I was in school. So much for being professional.
Anyway, here is my philosophy about the legal aspect. Do what is right and be brutally honest in everything you do - and you have nothing to worry about. If you are still concerned about the legality, talk to a real estate closing attorney (or a real estate specific attorney) and they can direct you.
In my opinion, the only people that should be worried about legalities are people who are trying to cheat others. When you purchase and sell a house "As Is", a buyer will not be able to come back on you. Be honest about everything and don't try to trick anybody in any way. Do right, tell the truth, and you should have nothing to worry about. - 16089
About the Author:
The author, Jesse Davis is an expert wholesaler in the Jackson, Mississippi, Real Estate market. He has wholesaled over 80 properties this year alone, and he teaches a seminar on how to really be successful in today's market. Go here to learn how to find all the buyers you will ever need to build a massive monthly income in Real Estate today
