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Updated about 1 month ago on . Most recent reply

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JoLea Conn
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Golden Capital Holdings llc?

JoLea Conn
Posted

They are offering to buy my rental...seems as though they will 3rd party sell it immediately, likely to a fix and flipper. Not sure if they are legit. Their website says they do lots of things in the real estate world but there isn't much detail. No reviews on google or anywhere I can find. 

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Stuart Udis
#2 Innovative Strategies Contributor
  • Attorney
  • Philadelphia
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Stuart Udis
#2 Innovative Strategies Contributor
  • Attorney
  • Philadelphia
Replied

You can protect yourself with a short contract period. Large deposits are nice, but very difficult to actually get access to escrow funds in the event of default. Normally the escrow agent will want mutual sign off even if its clear the contract terms indicate one party should be awarded the escrow funds. However short contract period allows you to pursue other avenues to sell if the wholesaler can't execute on the terms they offered. What you want to avoid is a lengthy contract with extension options. That's what many wholesalers do to tie up properties. 

Also, make sure this wholesaler has a track record. Lots of wholesalers are nothing but contract executors and do nothing but tie up properties without the ability to sell to and end buyer. If the offer price is too good to be true you may be dealing with an inexperienced wholesaler who doesn't know the market. 

  • Stuart Udis
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