I am currently in escrow on a house that I am purchasing and plan to flip. Can I advertise the house for sale now (with non MLS websites)?

Asked by ajb1234-misc, Newport Coast, CA Sun Nov 4, 2012

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Heath Coker, Agent, Falmouth, MA
Sun Nov 4, 2012
It appears that the "Home Selling in 02466" tag has sent you into the MA questions asked area.
02466 is Auburndale MA.
That being said, you can advertise anything, but I'd ask your attorney this question.

Also, if you are in MA, most P & S agreements have a paragraph where you are allowed to assign your interest before closing.
It usually requires a 7 day notice before the closing if you plan to do so.
Thus in theory, you could sell your "option" to buy the property that you have in place because of your P & S agreement.
I have not seen this done too often.

As for the advertising, I would disclose that this is a property that you have underagreement, and I would not mention what you plan to be selling after your re-construction, unless you already have the permit(s) in hand.
Again, your attorney can direct your efforts.

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1 vote
Christine Mo…, Agent, Wilbraham, MA
Mon Nov 12, 2012
You can on craigslist. Make a list of clients to get a first peek once the home is available.
0 votes
Kevin Vitali, Agent, Tewksbury, MA
Mon Nov 5, 2012
Every state has different laws. So check with an attorney.

A lot of what is allowed and not allowed shold be spelled out in the Purchase and Sale agreement. Most flippers here retain the right to assign the contract (for a fee) and also have the right to enter to repair and show the home. But that's here in Massachusetts.

Check with an attorney.
0 votes
Louis Wolfs…, Agent, Needham, MA
Sun Nov 4, 2012
Depends on the terms of your purchase agreement. Many short sales and reo properties prohibit it.

If it is a typical p&s the answer is yes. Do you have nominee in the p&s or do you have to close simultaneously

You can advertise it on mls with the proper disclosures (check with your local mls)

I'm curious if you prepared to close if you don't flip it? Do you have anything at risk?
0 votes
Thank you for your response. I am not in CA, not MA (sorry for posting in the wrong forum). It is a foreclosure property so I will check the details of the purchase agreement. Escrow closes this Friday, so I was planning on taking on carrying costs for a few months. Thanks.
Flag Sun Nov 4, 2012
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