What Part Do Wholesalers Play In A Property Deal?

Good afternoon everybody my name is Chris Berger and it’s time for a Berger Point.

You know, traditionally, to buy and sell a home — we’re all familiar with it — the seller gets a real estate agent and the buyer gets a real estate agent and they go through the process.

Eventually they sell the home and that is the traditional way.

I wanted to talk to you a little bit about wholesaling so that you as a seller and also as a buyer — you’re aware of it and what exactly that means .

Well, a wholesaler is actually a middleman, and he will look for properties that are distressed or the owner really wants to sell very badly.

At that point, he will go in and contact the owner and secure a contract.

Now, securing a contract is fine, and he will set a closing date.

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However, in that contract, he will put down the terms.

He has the ability to assign the contract.

So what does that mean?

Well, assigning the contract means the middleman will actually go and look for another buyer. He will contact that buyer or investor, which he normally has quite a few in his back pocket.

This way he will look for a quick sale with a seller.

Generally less than 45 days because it would be a cash offer and sale.

So that’s pretty much what a wholesaler does.

However, as a seller and as a buyer, make sure you talk to your attorney and have them look over the paperwork before you sign anything to make sure that you get clear title to the property.

And that’s my point.

Today, I’m wearing this awesome Beetle hat.

Actually, I went to a couple of concerts, Fab Four concerts, and people came up to me and said, “Where did you get that hat? I’ve never seen that before.”

Thanks to my daughter, that’s where I got the hat. Have a great day. See you.