What if a seller asks if I am wholesaling their property?

Hi Russ, and welcome!

When you get a chance maybe you'd like to fill out your profile-- at least location. Sometimes it's nice to know another DG-er is in your own backyard -)

Surely, many will drop in and say what they do. Personally, I have a tendency to be too honest, too friendly, too forthcoming, but here is what I do:

- I say I am a cash buyer (true, the deal will be cash)
- I may say something about partner
- I go with the flow of the conversation, but I do not volunteer TMI, as the closing the deal for cash and when is the concern of the contract at hand-- my exit strategy is of no concern to anyone.
- If pushed, reference to your partner (I'll check with, I'll discuss with... and let you know)

In my opinion, stick to the business at hand, which is the contract. Where the funds come from is your exit strategy and no ones business.

Note: in reality, I have ONLY had to explain my situation once to a Listing Agent. In that particular case, I had been able to substitute the buyer (my buyer stepped into the contract by my request and the seller's (a bank) acceptance). My buyer did not close (but I had already gotten my assignment fee!). I tried to go back and get the property, and my agent explained to the LA that I had too many offers accepted at once as the reason why I flipped it someone else. Short and sweet, and true.

Other than that time, I have never had to explain anything. Early on with my agent and little by little, my technique was revealed to my agent and she brought me 2 buyers! She also keeps to the transaction at hand-- as it should be.

Hope that helps!

-Tina

Thanks Tina that helps a lot .. I just didnt want to be sitting at a table and if they ask me a question and I get stumped I dont want to look like the rookie I actually am. I do have the gift of GAB and Im pretty convincing when I need to be. I have one more question and it relates to your reply .. You said you revealed your strategy to your Agent .. does that mean at first she did not know you were a wholesaler? Do I look for an agent thats willing to work with wholesalers? Whats a agents commission % on a wholesale deal?

As Tina mentioned, you can make truthful statements while being the wholesaler without actually saying your the wholesaler. On the other hand, I don't like to lie to people, so if you tell them you're a cash buyer and they ask you flat out if you're a wholesaler... I would just tell them the truth.

As Dean says, wholesaling is about you being the product. You have the unique ability to match up buyers and sellers and there is nothing wrong with getting paid for your service.

Thanks.
Brian

It will help me since I am just starting out in Wholesaling.

Thank you for your supportive information.

Many Blessings

at one of DG's seminars, the coach told us that we have two ears and one mouth for a reason.
You want to listen twice as much as you speak to your customers. Find out what their problem is- they will tell you if you listen... and if you solve their problem they won't care if you make some money along the way.
just don't make any promises for things that you cannot do...keep it real...