Scammed by Investor San Diego

[Annie Park]

Looking for help with my situation.

I am selling my rental in San Diego and received all cash as is offer of $320,000 from investor/agent.  We signed the purchase contract 7/11/2019 and scheduled to close on 9/3/2019 when the current tenant moves out.  Escrow was opened with $1000 deposit.  I was surprised to see my rental is now listed on mls for sale $359,000 and the buyer acting as my agent. 

I feel I have been scammed. It looks like his intention was to purchase only if he found a buyer. 

Now the buyer is telling me he is not going to complete the purchase.  Contract states "PROPERTY TO BE SOLD AS-IS. ALL CASH OFFER".  No contingencies.  Can the buyer just cancel the purchase contract?  Is there anything I can do?

[Cody L.]

Originally posted by @Annie Park:

Looking for help with my situation.

I am selling my rental in San Diego and received all cash as is offer of $320,000 from investor/agent.  We signed the purchase contract 7/11/2019 and scheduled to close on 9/3/2019 when the current tenant moves out.  Escrow was opened with $1000 deposit.  I was surprised to see my rental is now listed on mls for sale $359,000 and the buyer acting as my agent. 

I feel I have been scammed. It looks like his intention was to purchase only if he found a buyer. 

Now the buyer is telling me he is not going to complete the purchase.  Contract states "PROPERTY TO BE SOLD AS-IS. ALL CASH OFFER".  No contingencies.  Can the buyer just cancel the purchase contract?  Is there anything I can do?

You got "scammed" by a wholeseller. If you take away this topic, bigger pockets turns into a site with 4 posts a day. It's "illegal" (at minimum against the MLS rules) for them to list your property without a listing agreement. But yeah, they're trying to put properties under contract for $x, find a buyer for $x+$y, make $y on the double close. The fact they said "all cash" "no contingencies" is meaningless. They're not going to close. Take your $1000 and get a new renter in there.

If I was selling a house with a renter, I would ***NOT*** agree to remove the renter prior to closing unless I had hard earnest money of at least 5x the rent amount.