Owner Selling a residential house to a wholesaler
I am currently involved in selling my house to a wholesale LLC. He is a franchisee of Homevestors.
I have refused his purchase agreement (not is offer price) and have put together (using a real estate agent) to deliver to the individual who owns the LLC. I am in Pennsylvania. Am I obligated to provide a disclosure agreement, in this scenario? My realtor has advised me not to and left that decision to me. He claims since it is a wholesale price (well below market value in the neighborhood) and I am selling to a wholesale investor who will flip the property and the investor as already been through a walkthru, I am not obligated to provide a disclosure form.
What should I do?
Thanks for visiting our site and great question. I think it’s wise that your real estate agent is putting together the agreement of sale. Typically, seller disclosures are included in every deal, even if some of the answers are written as ‘unknown’ or sold in ‘as is’ condition. However, in terms of the legality of whether or not you have to provide a seller’s property disclosure, that is something I would recommend discussing with a local real estate attorney. It’s best to find out the answer to avoid any possible legal issues in the future. For more information on wholesaling real estate, check out our in depth guide on real estate wholesaling.
All the best,