The word ‘Wholesale’ in a real estate business is a different chop. It is described as a thread between finding a real estate deal and then selling it to the right buyer. As the nature of the deal stays it’s also termed as a ‘finder’s fee’. Here people who find property and sell it to the buyers receive some amount in form of a ‘fee’ that counts as a profit-making business. These people are ‘wholesalers’.
Now, that the real estate wholesale business is increasing day by day, there’s a great demand of property in the market but yet no clue is found if someone without a legal approval of the government is performing it. There are many illegal activities being registered in America for fudge property deals in 2015.
Also, the very process of wholesale property is a bit confusing. People often get muddled among ‘wholesalers’ and ‘brokers’. They drop the idea of purchasing a property when they realize a middleman is included. Home-buyers are always in a constant panic of dealing with someone who is not the real buyer of the property and more that he/she might be a listed property fraudulent.
Whereas, in case of a wholesale real estate business, it’s quite a different story, here wholesaler himself/herself is the buyer. Though wholesaler do not keeps the property but makes a fair deal with the seller. For instance;
‘A’ is a wholesaler who finds out this deal, ‘B’ is the homeowner who’s desperate to sell this property; old and in need of fixation. C is the real buyer.
Now ‘A’ calls ‘B’ to purchase this property, ‘B’ agrees and both signed an agreement which stated that ‘within 21 days’ time-period the property will be sold to someone else at same price at $50,000 and if no buyer of the property will be found within the time span it will remain with ‘A’. Further ‘A’ finds out ‘C’ who is a regular property flipper. ‘C’ liked this property and deal of $50,000 and is now transferred to ‘C’. In this whole process ‘A’ made a good profit of $5,000.
Thus, Wholesaling is as simple like signing a contract and passing it to some another. The best and legal way to wholesale real estate deals is to first take a commanding license from the government, then purchase the property and after that sell it to the potential buyer. This way you get the property as well as time to find a potential buyer.
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