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Updated over 9 years ago on . Most recent reply

User Stats

14
Posts
2
Votes
Jabari P.
  • Professional
  • Mattapan, MA
2
Votes |
14
Posts

Sketchy Flipping Deal

Jabari P.
  • Professional
  • Mattapan, MA
Posted

Hey guys, 

I'm working on a deal and everything is almost all set but now I'm a bit confused and skeptical. The name of the place I am getting the contract for the property from is partners capital equity partnerscapitalequity.com. They require a deposit of 6.5k for data and platform fees. After the Deposit has been made in 2 weeks I will receive the contracts through FreddieMac. I have not been able to view the property but I have been told over the phone that I can view the property and if the property is in really bad condition I can walk away from the deal and my deposit will be refunded. In their contract it says 

Bank-issued contracts. Which means: AS-IS, NO CONTINGENCIES, NO INSPECTION PERIODS.

BUYER DUE DILIGENCE. Viewing property after you have committed, does not change your obligation to perform.

But on  the invoice for the deposit it reads 

Data and platform access fees for the assets listed above are refundable; if terms of the purchase agreement are inconsistent with the terms of the asset's LOI AND buyer does not acquire the property. If buyer is unable or unwilling to perform as defined by the LOI or protocol for the asset(s) contained in LOI all monies, including fees and / or deposits are NON Refundable.

So that is what has me confused I do not want to purchase the property obviously if the repairs and cost of acquisition will not get me a profit. To make matters worse I went to make the wire deposit today and the account and routing numbers given to me did not work. After that i was told to overnight them a check. For these reasons I'm now skeptical about the legitimacy of the company. Seeking some advice here please help this is the first time I have gotten a property this way.

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