Confused and Frustrated

I assume you and the seller have a legally binding agreement that is not expired? Also, in your agreement you did state you have the right to assign the contract? Furthermore, in your agreement do you state that you have the right to Market and show the property? If the answer to the first two questions are yes that's an enforceable agreement unless your inspection expired

Depending on his local Real Estate Association and Realtors Board they have strict guidelines which Brokers must adhere to when it comes to a variety of things including marketing of properties by a broker. I have had similar situations However the boilerplate jargon in my agreements give me the legal right to Market and show properties that I have a contractual interest in.

You're absolutely right a lot of Brokers may not understand wholesaling however Brokers do understand the right to assign contractual interest

I signed my name and/assigns!Plus he was aware that I was gonna wholesale it to another Buyer! That contract did expire, but I was in the process of getting another one of his properties under contract then he said his partner felt that they could get in trouble! The contract that we had was a contract that he uses for his deals! He allowed me to show the property and all! I figured he was just misinformed and didn't want to risk it!

my friend above is totally correct, brokers have rules thele y have to adhere to he's just nervous he can get in trouble with the realtor board so don't sweat it tho ok. when you get another prop under contract make sure all that language is included ok & keep going man remmember dont give up keep going & you will be successful ok.

great job btw getting under contract youve dont more than most do dont give up ok

PS that happened to me too btw so believe me just shake it off & keep doing what you are doing it is completely legal & proper for you to market your prop you have under contract just tell fsbo's & others you might do that to wholesale the deal, to cover yourself alright.

my friend above is totally correct, brokers have rules thele y have to adhere to he's just nervous he can get in trouble with the realtor board so don't sweat it tho ok. when you get another prop under contract make sure all that language is included ok & keep going man remmember dont give up keep going & you will be successful ok.

great job btw getting under contract youve dont more than most do dont give up ok

PS that happened to me too btw so believe me just shake it off & keep doing what you are doing it is completely legal & proper for you to market your prop you have under contract just tell fsbo's & others you might do that to wholesale the deal, to cover yourself alright.

If the seller is represented by an agent (and uses the agent's contract) do I just tell the agent that i'm going to show and market the property? Also, if I ever use my own contract, I will use the one that's on this DG website! So do I add on or omit to fit my objectives? If one of you, Tony or Bennie, would be so kind to email me a copy of the Purchase Agreement and Assignment of Contract you use! It will be Greatly appreciated! I'll message you my email address! Thanks In Advance!

Waidef... when I first started buying properties I used my own contract and no realtor would honor it. They said that they needed to use their own State approved contract or a contract approved by their Local Realtor Board.

The Realtors Board or State approved contract In my area is over 22 pages. It is 22 pages because it covers almost any situation that may arise. It also favors the seller not the buyer. It is based on years of legal cases and lawsuits that has arisen and addresses those concerns so they will not become future concerns in the pending offer.

Having said that, in my opinion it really does not matter whose contract I use. Just as long as my concerns are added to the Realtors contract that they use. Also, your concerns about their contract should be marked out and initialed. If it is something in their contract that you do not want as a part of the contract you draw one line through it and initial it. The seller will initial the changes also if they agree.

However, I have a lot of experience in buying property. So I am very comfortable using anybody's contract as long as I've marked out the things that I don't want in their contract. I add the things that I do want in the contract and have everyone initial it. However, if you do this you must read every line of the contract and make sure that you completely comprehend and understand it totally.

You are absolutely correct. You add and omit lines and things to fit your objective in anyone's contract. I have one page contracts that I use when the seller is not represented by a Realtor. These are one page contracts that cover all the basis I'm interested in with a seller and me as a buyer. I make no mistake mentioning in my one page contract that I have the right to market and show the property to potential end buyers as assigning this contract is an option.

I see that you are a Licensed agent, Bennie, so you are able to advertise property that you don't own right? Even if I include it in the contract, by me not being licensed can I advertise the property that I don't own? BTW your comments have been extremely helpful and Greatly Appreciated! I just messaged you!

I wouldn't get hung up on all this basically you can advertise a property anywhere in the country that you have under contract whether it be Craigslist or zillow or bandit signs period. If you want further confirmation call a couple real estate attorneys and just ask them quickly about that they will give you free brief consultation just tell them you will keep them in mind for future business.

What you can't do is advertise a property you do not have under contract then you are acting as an agent and you can't do that without a license you follow me. But anyone according to US contract law can market their equitable interest in any contract they have which is the actual language. So now go get busy and make offers put out signs, get cash buyers and don't worry about all this ok we Are doing this and would not be doing this or making money if this was illegal ok.

As far as assigning my contractual interest, It is written in my purchase agreement that I have the right to assign my contract. I also have the right to place a contractors lockbox on the property and market my contractual interest as deemed appropriate to include the MLX and MLS. The buyer must agree to make the property assessable for my contractor, lenders or any potential end buyers that I show the property to.

Remember, it doesn't matter whose contract you use. It can be your own contract or a contract that a realtor use, but the very important point is to make sure all your concerns are written down under the other provisions or contingencies section. Again if you use a Realtors contract draw one line through things you are not in agreement with in their contract then you and the seller initial it. Then add the verbage that you want in the agreement.

Last but not least you always want to check with a local professional like an attorney, title company or real estate professional to make certain that you are within your local state law as addendums, disclaimers and disclosures can vary state-to-state.