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ScottyMacESQ
ScottyMacESQ, Lawyer
Category: Real Estate Law
Satisfied Customers: 10609
Experience:  Licensed General Practice Attorney, Texas
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Im interested in getting into flipping houses, were you find

Resolved Question:

I'm interested in getting into flipping houses, were you find a homeowner in distress and needing to sell the house asap. Then you get them to sign a contract, and then you get an investor to buy the house in Texas is this illegal transaction.
Submitted: 5 months ago.
Category: Real Estate Law
Expert:  ScottyMacESQ replied 5 months ago.

ScottyMacESQ :

Thank you for using JustAnswer. I am researching your issue and will respond shortly.

ScottyMacESQ :

When you say that the seller would sign a contract, do you mean sign a contract to sell to you? Or that you would act as a broker between them and the investor?

Customer:

To sign the contract to sell to me

ScottyMacESQ :

If you buy the house and then turn around and sell the house to another individual, there's no illegality whatsoever there. It's the purchase and sale of property, and that's totally legal. Where it gets dicey is if you have them sign a contract to have you represent them in the sale and to find a buyer. In that instance, you would need to have a brokers license. But if you're the one actually buying, flipping, and then selling, there's no law against that.

ScottyMacESQ :

(and no license required)

ScottyMacESQ :

Essentially it's a series of sales in quick succession. The time period between the sales getting shorter does not make the transactions illegal.

ScottyMacESQ :

Hope that clears things up a bit. If you have any other questions, please let me know. If not, and you have not yet, please rate my answer AND press the "submit" button, if applicable. Please note that I don't get any credit for my answer unless and until you rate it a 3, 4, 5 (good or better). Thank you, XXXXX XXXXX luck to you!

Customer:

thanks 5

ScottyMacESQ :

Thank you, XXXXX XXXXX and again, good luck to you!

ScottyMacESQ, Lawyer
Category: Real Estate Law
Satisfied Customers: 10609
Experience: Licensed General Practice Attorney, Texas
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