Working with a wholesaler can be a great choice for many, but it’s not for everyone. What’s a wholesaler, you ask? A wholesaler is a pseudo real estate investor who markets to homeowners looking for a cash sale. The wholesaler tries to get the property under contract and then assigns/resells their contract to another investor in exchange for a fee.
Always do your homework before doing business with anyone, whether they be a wholesaler, real estate agent, contractor, lender, whomever. Make sure you’re working with an experienced, reputable wholesaler. Anyone can call themselves a wholesaler. It doesn’t require a license, believe it or not. Read their reviews, look them up with the Better Business Bureau, and ask around about their reputation. Interview them about their experience and core values. A good wholesaler should be able to answer your questions.
Below I’ll go over some of the benefits to working with a wholesaler in Memphis when you need to sell your house.
Quick Sale
Working with a wholesaler can be a great way to get rid of a burdensome house fast. Experienced wholesalers have a network of cash buyers that can close quickly and usually don’t require much due diligence besides an appointment to take pictures and maybe a quick walkthrough inspection with a contractor as well. If you need to sell your Memphis house fast, working with a wholesaler may be a better option for you than going the traditional route of listing with a realtor, which could take much longer.
No Repairs or Cleaning
Homeowners who work with wholesalers love that they don’t have to do repairs to the property or clean. Typically the wholesaler’s end buyer is an investor who plans to do work to the property anyway to add value to it, so it is not necessary for the seller to make repairs or clean. When you list with a realtor you may have to make repairs and/or clean in order to get the house ready for showings. Repairs may also be required to qualify for FHA financing.
No Commissions or Fees
Another great perk of working with a Memphis wholesaler is avoiding agent commissions and closing costs. The wholesaler’s end buyer pays their fee and typically pays all the closing costs for both sides. If you don’t want to pay agent commissions or closing costs, you may want to look into working with a wholesaler.
The Bottom Line
There are pros and cons to working with wholesalers. You may not get as high of a sales price, but you can get a quick sale, avoid repairs and cleaning, and avoid paying commissions and fees. It’s important to educate yourself on all your options before deciding what’s right for you.