rant on investors taking advantage of newbies

[Miguel G.]

Recently I ran into this guy who I thought was selling his house. When I met him at the house it turned out to be an investor. The house looked good for the price but he was asking a 10% earnest deposit and we had to go with his contract with an 8-day inspection. The guy was demanding a check right there. I told him I only make checks out to title companies.

 Anyway, we signed everything and I went to the title company just to check his wording on his contract. The title company told me even though he wrote an 8-day inspection period he never specified my funds would be refunded and he most likely would force me to go through with the sale if I changed my mind since I could not get my money back.

Something that I learned is if you're a newbie, don't deal with other investors unless you know them personally. A lot of them are just out to get you. Once you have a lot of experience and a good attorney reviewing any contracts, then it should be ok to do business with them.