Unless you had permission from the wholesaler to deal directly with the owner then you were stepping out of line and possibly interfering with
a contract as the wholesaler charged.
Not exact matches
That this House: (1) notes with concern the impact on the Dairy Industry of the Coles milk pricing strategy and that: (a) dairy farmers around the country are today seriously questioning their future having suffered through one of the worst decades in memory including droughts, floods, price cuts and rising cost of inputs such
as energy and feed; (b) unsustainable retail milk prices will, over time, compel processors to renegotiate
contracts with dairy farmers and the prospect that these
contracts will be below the cost of production may force many to leave the industry; (c) the fact that supermarkets are now selling milk cheaper than many varieties of bottled water will be the straw that finally breaks the camel's back for many dairy farmers; and (d) the risk of other potential impacts includes: (i) decreased competition
as name brands are forced from the shelves; and (ii) the possible loss of fresh milk supplies to some parts of the country
as local fresh milk industries become unviable; and (2) calls on the Government to: (a) ask the ACCC to immediately examine the big supermarkets and milk
wholesalers after recent price cuts to ensure they do not have too much market power and are not anti-competitive in their behaviour; and (b) support the new Senate inquiry into the ongoing milk price war between the country's major supermarket chains».
It makes sense for a large
wholesaler to enter into Buy
contracts as he would be like to get known prices for at least half the stock he needs.
I can assure you, the
contracts are going to be garbage, eye wash and marketing ploys, you can't circumvent uniform
contract law, laws of agency, intent and ability to perform
as a
wholesaler as the gurus teach it!
As a
wholesaler, if you put a property under
contract and do not close you run the risk of losing your earnest money deposit.
However, based on my understanding of
Contract Law and fundamental concepts of Common Law, were this to be challenged *
as applied * to how a lot of
wholesalers operate, I would wager that this would be smacked down by either the State's Supreme Court or the Federal Appeals Courts.
Facilitating the same outcome
as a broker and calling it a pigeon because different
contracts are used
as a business venture doesn't mean the
wholesaler isn't acting
as a broker.
We are now seeing some «
wholesalers» advertising
contracts for sale on sites such
as Craigslist.
As a
wholesaler, that is exactly what you are doing: assigning a
contract.
An agent gets paid a commission for bringing a buyer and seller together, whereas a
wholesaler acts
as a principal in the transaction by putting a property under
contract and then assigning the
contract to an end buyer and collecting an assignment fee.
«It turns out the party who was billed
as the owner was in fact another
wholesaler who had a
contract to purchase or in some way control the property in question.
If you buy from a
wholesaler typically your earnest money is «hard»
as soon
as you go under
contract.
As a
wholesaler, you are no different than a Buyer when it comes to putting a property under
contract.
Some
wholesalers put a lockbox on a house (if it is empty)
as soon
as they get it under
contract.
Scenario Example: Maximum Allowable Offer is $ 100,000 (for a buy and flip) Seller will accept $ 50,000 You
as the
wholesaler will Assign and Sell
Contract to Buyer For $ 55,000 So Your Assignment
Contract Says $ 55,000 and you will close transaction with Buyer for $ 55,000 Correct?