Wholesaling in Idaho- legal?

[KennynLacey]

We are new investors. We have educated ourselves on wholesaling and are ready to start doing deals. After calling several Real Estate Attorney's today we were frustrated. Nobody seems to know what Assigning or double closings really are. One Attorney explained to me how he thought it was illegal to do that w/out a real estate license. A real estate agent told me the same thing. He said he doesn't know how there would be a legal way to do that. He said that we would be acting as a dealer in options. See Idaho state laws below
(17) "Dealer in options" means any person, firm, partnership,
association or corporation who shall directly or indirectly take, obtain
or use options to purchase, exchange, lease option or lease purchase real
property or any interest therein for another or others whether or not the
options shall be in his or its name and whether or not title to the
property shall pass through the name of the person, firm, partnership,
association or corporation in connection with the purchase, sale,
exchange, lease option or lease purchase of the real property, or
interest therein.

Can we do this in Idaho?

[taxlienadvisor]

contact Michael Q. from this forum...he can show you the way to success and help you with your questions and roadblocks.

-happy investing!

[taxlienadvisor]

seek the advice from the memebrs on this forum...rather than atty's and realtors....I think you will be more satisfied to talk with those who are actually in the trenches doing the deals...rather than atty's and realtors who don't really know one way or another.

good luck

[shuakym]

In answering your question; First it depends on wether you are using transactional funding also called wet closing or will you be attempting to use the ends  buyers funds for closing.

The transaction type which you described is known as simultaneous closing or a number of different names which has been ascribed to the process. However, what ever  name is used, it very simple. In some states it is not allowed to used the end buyers funds for your closing and in such case where it is permitted you need to find a closing agent that understands the process.

For a very straight forward and simple handling it best recommeded that you use transactional funding for your closings. Transactional financing are available from several sources generally for  24 hours. There is a  fee and depend on the source you my be required to pay those fees upfront.  This sort of financing allows you to purchase and re-sell the property in the same day.  you may use the same title company or you may use two seperate companies/agents.

 If I ever needed transactional funding up to 600K I use the source that can tell you about but am not sure I am allowed to do so in this public forum.  If you ever need real fast and great service and support they are it.


Happy Investing

[Bay Area Brian]

The answer is in your post. It says for another or others, your not doing that, your doing it for yourself. Do not use any attorney that can't read.