The practice of real estate wholesaling occurs when an individual enters into a real estate purchase contract with a homeowner and subsequently markets and sells an assignment of that contract to a third party for a profit.  Wholesalers ARE NOT required to hold a state license or abide by State Laws or Ethics.

Wholesaling has generated complaints about misleading sales tactics, predatory contracts and clouding title to properties. Further, many agree to sell their homes to a wholesaler are upset when they learn that the person or entity who offered to purchase their home is actually assigning the purchase contract to a third party for a profit instead of purchasing it themselves.

We need to stop our most vulnerable homeowners (elderly or distressed) from being taken advantage of.  Oklahoma is the first state to pass this act and Florida needs to step up and change this law.  There is no reason they should not be licensed and abide by the law and ethics of our state!  Its a disgrace we are still allowing this to happen.

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If you want to read more here is the article from Oklahoma.

 https://oklahoma.gov/orec/resources/blog/wholesale-act.html