Buying & Selling Real Estate
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback
Updated over 9 years ago,
Co-Wholesaling Mystery... what would you do?
I am on a local wholesalers email list (I will call him Bob) and I assumed he had a contract direct with the seller so I signed a co-marketing agreement with him and blasted my email list. The real owner (also a local wholesaler that I will call Mike) called me up and asked why I am promoting his deal. Mike bought it out of probate a couple months ago and is on title. Mike is telling me that he is fine with paying me to find him a buyer but Bob is saying that he has a contract with Mike to promote his deal. Mike says he doesn't even know Bob. Another piece of info that is important in this mystery is that a novice investor (I will call him George) made an offer to Mike but I don't know any of the terms of the deal or if there was a formal deal. George and Bob are associated. George is Bob's "student". So my assumption is that Bob taught George how to find deals and George got an option contract with Mike and it expired. Now George and Bob are still promoting the deal assuming that Mike will take a lower price than Mike is willing to take. My challenge is that Bob is now angry that I am talking to Mike and Mike is angry that people are promoting his deal without permission. Bob is the first one to contact me with this deal but Mike wants nothing to do with him. I had 2 different cash buyers look at the property in the last 24 hours and one of them is interested. If he makes an offer, should I send it to Bob or Mike? The other thing is that I have closed a deal with Bob and I trust him and do not want to go around him. He is telling me that he is 100% sure that he has a contract (thru George) with Mike and that any offers I receive need to go thru him and he will pay me the fee we agreed on (which is more than Mike is willing to pay me).
What would you do in this situation?