REALPRO.com out of Florida. have anyone done business with them ?

[Olga Lund]

I haven't bought anything from realpro.com yet.

I did realize the proformas they put together aren't worth the paper it is written on.I am looking into multifamily and the rents are not honest it's just a projection of what it could be. The repair estimates are taken out of a thin air as well. As an example, they advertised an apartment complex for sale with about $100k in repairs. I went down to look at it and the buildings were not livable, the whole project to be scrapped and leveled down. most of the territory is unlivable and beyond any restoration. So old and fallen apart, there are a couple of occupants in the two buildings living off the government paycheck, but it's definitely not going to pass any minimum standard conditions if ever thought of section 8 .... I am glad I looked at it, turned out to be way overpriced and absolutely not what they advertised.

Grant it to them, they disclose for the buyer to do all the due diligence. And they don't know pretty much anything about the property when inquired. 

BUT now I am looking into another property, multifamily. They told me I can do my due diligence during the option period/ feasibility study. which is pretty standard. BUT I can't look at it unless am under a contract! They don't go under a contract unless you wire them 10% of the offer price TO THEIR ATTORNEY IN FLORIDA...mind you, the subject property is in a different state! Who will be insuring my title?? They don't even discuss anything or countering to you unless they got 10% of the offer in cash with their attorney, ( I found a post where someone is claiming RealPro kept their money because they couldn't agree on the sales price...)  if I get my money back in case I don't like something during my feasibility study, it's not a problem. However, I am reading the contract they sent me. ( disclosure - I am a broker ) The FIRST problem - property doesn't have an address as they advertised on their website. suppose to be 3 buildings with 24 units total. I looked up in the county records and that entire block is owned by the Housing Authority, so how are they separating a few buildings out?? It's not separate in the county records ... this alone is shady as F$$ck ..WHAT are they selling?? their contract only has a legal description as part of a different address than the one advertised. What property are they selling? Problem TWO - contract got a tonne of provisions where they CAN KEEP MY MONEY 10% in the escrow. And the buyer ( me ) violating the agreement even if I go talk to the owners or whoever is affiliated with the property and do my basic due diligence, which as sellers are not willing to give a basic answer about the property but encouraging the buyer to do the research, however, I can't talk to anyone otherwise I'm in violation and they can keep my 10% of the contract value ???! Geesh nice and tricky huh.. How am I supposed to find out what units are rented, what units are not? how much they are rented for, how long is the lease term etc .

Now I found your post here they kept your money? At this point, I feel VERY uneasy forking over $58 grand cash to these guys.

Anyone has actually done any business with them ??