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Updated over 9 years ago on . Most recent reply

User Stats

92
Posts
28
Votes
Hasan Hamdan
  • Wholesaler
  • Edison, NJ
28
Votes |
92
Posts

Investors who try to steal your deal/seller

Hasan Hamdan
  • Wholesaler
  • Edison, NJ
Posted

What does everyone here think about investors who try to cut you out of the deal you're wholesaling? I personally think they are a disgrace to our industry. Although its technically legal there should be a moral code among investors IMHO. This would be the second time this year an investor goes direct to seller and shows them we are marketing the property. This has caused me to believe we should end our advertising and market privately only to those who have done business with us or have a very strong referral.

At the same time, deals come and go, but any advice/suggestions on how to handle the seller? They understand its a cash deal and knew it would be discounted but when they see you trying selling their property for more they feel they are leaving money on the table (among other things).

Most Popular Reply

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2,011
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1,614
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Richard C.
  • Bedford, NH
1,614
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2,011
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Richard C.
  • Bedford, NH
Replied
Originally posted by @Hasan Hamdan:

What does everyone here think about investors who try to cut you out of the deal you're wholesaling? I personally think they are a disgrace to our industry. Although its technically legal there should be a moral code among investors IMHO. This would be the second time this year an investor goes direct to seller and shows them we are marketing the property. This has caused me to believe we should end our advertising and market privately only to those who have done business with us or have a very strong referral.

At the same time, deals come and go, but any advice/suggestions on how to handle the seller? They understand its a cash deal and knew it would be discounted but when they see you trying selling their property for more they feel they are leaving money on the table (among other things).

 Oh, the irony...

Get a license, and sign a listing agreement instead of a wholesale contract, and this problem goes away.

Put up you own funds, or get a private lender involved, or JV, and take title to the property and re-sell it, and this problem goes away.

You don't get the benefits of the law and the regulatory system if you operate outside of the law and the regulatory system.

So either get a license if you want to sell something you don't own, or make sure you own what you are selling.  Otherwise, people going around you occasionally is simply a cost of doing business in the manner you are doing business.

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