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, only people who are trying to cheat people should be worried about legalities. As long as the purchase is an “As Is” purchase, you are fine and a buyer will not be able to come back on you. So don’t try to trick anybody in any kind of way, do right, tell the truth, and you should have nothing to worry about, ever.

Related Content

Subscribe to the post comments feeds or Leave a trackback