Have anyone worked with New Western Acquisition?
Hi All, I'm in Orange County, California. I came across with a big wholesaling company called New Western Acquisition. The sales kept sending me wholesale deals. It looks like they are doing a lot of business. I'm a member of women investor's club. We had an investor before who had ripped off by this company before so we hesitate to work with them. If anyone worked with them before, can you please share your experience. Thank you.
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I get emails from several offices but have never bought one- not because they rip people off but because they just aren't deals most of the time and the ones that are get snatched up within hours. People claim they get ripped off from them because of the down payment agreement. It is nonrefundable unless they can't close with clean title. New investors see one they want, put down the down payment thinking it is like EM in a traditional deal, and when they realize it needs more work than initially thought, they try to back out. NWA keeps their money and they claim they were screwed. Caveat emptor. They wouldn't still have a business if they were actually screwing people over. State real estate commissions would have shut it down by now.
The biggest problem is the fact that they do, in fact, do a lot of business, so this creates an artificial rush on every "deal" even when they are not deals. There is no negotiating on their price so you have to be disciplined enough to walk away if it doesn't meet your criteria. I don't understand who these investors are who buy them at the prices advertised sometimes but it must work because they just keep selling them and sending more emails.