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Oklahoma passes bill making 'wholesaling' houses illegal

4,065 Views | 6 Replies | Last: 2 yr ago by itsyourboypookie
itsyourboypookie
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1:27p, 5/5/21
Our title company this week emailed us that we couldn't assign a contract into a holding company without double closing the transaction paying two sets of closing costs. This was in Texas.

Now Oklahoma passes this.

I wonder if assigning deals is on the way out. How will homevestors fair if more states adopt this?

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CS78
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9:32p, 5/5/21
Almost seems like they are protecting the interest of agents more so than the uneducated seller. Not surprising that something is being done though.

One part of me loves wholesaling because it does provide opportunity for a hard worker to get a start. The other side absolutely hates it because of how many sellers get screwed. Not on the money. They know they're being hosed there. I mean the bad contracts. People are already in a bind, inexperienced wholesaler promises to help them, signs a flaky contract with little to no skin in the game, and then when the contract doesn't move, he walks away leaving the seller in a worse position than when they started.
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jagvocate
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10:18p, 5/5/21
AG
Bound to happen. Too many Jake-legs selling courses and chasing dollars attracting the lowest quality of entrepreneurs. Are there awesome, above-board wholesalers? Yes. Are there legions of mouth-breathers? Also yes.

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itsyourboypookie
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In reply to CS78 • 6:35a, 5/6/21
CS78 said:
Almost seems like they are protecting the interest of agents more so than the uneducated seller. Not surprising that something is being done though.

One part of me loves wholesaling because it does provide opportunity for a hard worker to get a start. The other side absolutely hates it because of how many sellers get screwed. Not on the money. They know they're being hosed there. I mean the bad contracts. People are already in a bind, inexperienced wholesaler promises to help them, signs a flaky contract with little to no skin in the game, and then when the contract doesn't move, he walks away leaving the seller in a worse position than when they started.


Never been a fan of wholesaling. Much easier to buy it then let an agent list it. You'll have less time in the deal, won't lose the deal, and make more.

But you have to be willing abd able to own it as a rental.
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one MEEN Ag
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9:17a, 5/6/21
AG
I don't like how any real estate transaction now has to be tied to a private industry player. Realtor is just a monopoly player in real estate. If government forces someone to use a specific player within a private industry, the private industry has to give up something in return. In my mind, thats getting access to whole MLS database. It'll never happen.

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BearJew13
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9:40a, 5/8/21
AG
At the end of the day the seller is signing the contract with the wholesaler. It's on them if they agree to a flaky contract. They "should" have competent representation advising them on the transaction, however whether they do or not is not something the state should be legislating around.
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Furlock Bones
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8:23a, 6/14/21
AG
Maybe Oklahoma is on to something. I'm so sick of wholesalers right now.
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itsyourboypookie
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In reply to Furlock Bones • 7:38a, 6/17/21
Furlock Bones said:
Maybe Oklahoma is on to something. I'm so sick of wholesalers right now.


They do suck. But why you hate them?
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