Re: Flipping when agent is selling house… - Posted by Donna
Posted by Donna on November 08, 2000 at 15:17:19:
Jason, The key here is to make darn sure your flip will work out. I don’t know about Arizona, but in Georgia, putting a house under contract with the intent to flip, and being unable to close if the flip does not work out is considered to be “transaction brokerage” and is potentially a violation of the law. I know that here the Georgia Real Estate Commission will probably bring suit against an investor who does this to a realtor. They sued an investor here, but he was found not liable on the basis of the fact the he was able to prove he could close the deal whether he flipped it or not. As long as the agent gets paid and you close as agreed you probably won’t have any problem.