Offlinethose who have real estate licenses, do they have to disclose of their licenseship in wholesale deal?
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agent disclosing
Posted on: Sat, 11/24/2012 - 05:45
those who have real estate licenses, do they have to disclose of their licenseship in wholesale deal?
You dont go thru agents to do wholesale deals. Or I wouldnt. Your focus will be on FSBO's, motivated sellers and usually distressed properties needing repairs. The houses I target wont be advertised or listed by an agent. It will be sitting vacant, maybe boarded up, with a bad roof and overgrown weeds. Locate the owner and flip it to a rehab investor for fast cash.
Rando
If you are an agent, you must always disclose that fact in any deal you are involved in.
Karen
"You're never too old to be what you were meant to be!"
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"Shining Like a Star & Dancing on Sunshine"
"Shoot for the moon! Even if you fall short, you'll still land among the stars!"
Karen
Thanks for your reply. Would it be any negative effects on the deals for being an agent?....is it better to be not licensed? just incase anything would go wrong...such as be involved in lawsuit...in this country, You know people in love with suing others. so for just being a licensed agent may be get negative affects on deals.....
I am thinking may be its better not to be licensed and not to worry about anything..
You will get people here who are agents and feel that they have advantages because of direct access to MLS.
Then, you will get people who feel that it is a disadvantage. I, personally, prefer not to be licensed (I actually had my license and have let it go). My feelings are that people tend to be a little more trusting and open to you.
When you are an agent you must have your license with an agency which puts you under a broker. That broker has some control over what you are able to do. Some feel that any type of deal that you do, they should get their portion of commission.
Some don't understand what we do and will try to tell you it is illegal. It isn't.
There are things we can do without a license that we cannot do with one.
You can get MLS info in other ways or get comps often thru your title rep, etc.
I prefer the freedom that I have without restrictions. But, again, that is one side of the coin.
It is a decision that you will have to make.
You don't have info on your bio to say where you are. It is good to have that filled out. Things differ in different areas. It can help us often when we offer advice to you.
Good luck!
Karen
"You're never too old to be what you were meant to be!"
www.deangraziosi.com/real-estate-forums/investing-journals/59128/day-for...
"Shining Like a Star & Dancing on Sunshine"
"Shoot for the moon! Even if you fall short, you'll still land among the stars!"
Agreed with Karen,
If you are licensed, then just talk to your broker and they will explain to you when/how to disclose that information.
Dominic
Are you new? Check out my NEW and IMPROVED Guide for Beginners! http://deangraziosi.com/real-estate-forums/everything-else/128413/domini...
Karen hit the nail on the head!
Listen to what she said!
Stephan Roberts
"In absence of clearly defined goals, we become strangely loyal to performing daily acts of trivia!"
Here is a FREE property analyzer I've found:
https://tvallc.infusionsoft.com/go/RehabLite/sroberts/
It's a great tool to use to help analyze your deals (and did I mention it's FREE)! But, you really should spend the $97 and get the full premium edition! IT'S AWESOME!!
Thanks to all of you for the comments...
I didn't thought about sharing my profits with the broker even its not a deal through the brokerage. I thought doing wholesale is just between me and other parties being involved with the deal...I thought it has nothing to do with regular real estate transaction (me representing buyer or seller for their houses)...license would be just a headache....wow.