I have two broker-listed properties I'm looking to get under contract in Philadelphia ASAP. I went to USLaw.com and ordered a PA Options Contract. During one of the workshops, Nick said to give the brokers a $1000 check so they can find properties for me. But what about the seller's brokers?
I ask because I just finished talking to my brother, a NY Broker. He asked if the broker has exclusive rights to sell. If so, is it then legal for me to get an options contract? Would I have to bypass the broker & is that legal? Is it still possible to do a wholesale deal with a seller's broker involved? I did explain to him how to avoid getting screwed by buyers with a nonrefundable deposit in the contract. Pleas email me and let me know.
Replies
glad to help, good luck with your deal.
It helps a great deal, Lorillia. Thanks makes it much easier to remember - FSBO: options contract; Brokered property: realtors contract. Got it!
And good, brokers deserve to get paid for their work & I want to run an honest business. I can incorporate their fee into my wholesaling fee. Explaining it is tough & may be easier just to find those who understand it.
Thanks again.
Tiffany
Hi Tiffany i dont know the rules in pa but i know here in nj, you have to use the standard nj realtors contracts . So i know we cant use option contracts unless its a private sale with no broker involved. Regarding giving the re broker a deposit of 1,000 that is your choice, i do not give a deposit unless i have found a home that i want to proceed to lock up in escrow.
I dont give deposit to just look for properties.
I wouldnt recommend trying to bypass broker if your interested in the house and the broker has the listing just be honest and do the deal with him or her. Now regarding explaining what you are doing which is wholesaling they may not agree with you doing that so be prepared when they tell you the deal cannot be done that way.
Hope this helps Lorillia