Would it be a good or bad idea to tell the buyer about the property before you have it under contract with the bank?
Some times I do but I never tell them where its at or I run the risk of being circumvented. Herbster
I’m not the most knowledgable on the board, however I like to participate… so I will attempt to answer.
It depends.
If its an investor you trust won’t attempt to go behind your back and deal, then go ahead and see if their interested. If this investor values your ability to find him/her deals, they most likely will not go behind your back.
If you are new at it, like I am, I am worried to a degree about getting shifted out of my first deal. So right now I am really careful about exposing a buyer to a deal before I have it contracted.
The position we are in, as new wholesalers, is tough. But, you have to take the blinders off sooner or later and get that first deal done. There are risks involved with the business, but don’t let it deter you.
All the best,
~Slim~
I think you should put the property under contract and then see if you can wholesale the property. Technically you are acting as a realtor without a license and can get into trouble if someone wants to make a big deal out of things. I mean there is essentially no risk except the deposit. So why are we tip toeing around and trying to sell things before we put them under contract. Do it right. You can always go back to the seller and tell them it won’t work out and ask for a lower price. All they can say is yes or no.