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Let’s say you are interested in getting started wholesaling properties but not sure what the state laws are concerning this kind of real estate transactions and you don’t want to break any laws unknowingly.
Although every state is different, I assure you that wholesaling is legal everywhere. This is just business like any other and the free market system – buying low and selling high – nothing illegal about that.
If you are not a realtor, you don’t have to worry about it also because you are not considered a professional. Even though some realtors don’t know Jack – I know some people who have taken Realtor test – in several different sates – and passed without studying. In most states you only have to score a 70 to pass the bloody exam and get your license. That was a D grade when I was in school. So much for them 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, the only people that should be worried about legalities are people who are trying to cheat others. When you purchase and sell a house “As Is”, a buyer will not be able to come back on you. Be honest about everything and don’t try to trick anybody in any way. Do right, tell the truth, and you should have nothing to worry about.
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