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This answer was rated:

Im interested in getting into flipping houses, were you find

I'm interested in getting into...
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.
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Answered in 5 minutes by:
10/24/2013
ScottyMacESQ
ScottyMacESQ, Lawyer
Category: Real Estate Law
Satisfied Customers: 17,515
Experience: Licensed General Practice Attorney, Texas
Verified

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
ScottyMacESQ, Lawyer
Category: Real Estate Law
Satisfied Customers: 17,515
Experience: Licensed General Practice Attorney, Texas
Verified
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ScottyMacESQ
ScottyMacESQ, Lawyer
Category: Real Estate Law
Satisfied Customers: 17,515
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Experience: Licensed General Practice Attorney, Texas

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The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

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