Wholesaling INVESTIGATION DPOR COMPLAINTS

[Ophelia Kier]

I am a seasoned wholesaler in the Augusta County General localities... I have had several anonymous complaints brought against me but none have never stuck until last year October 2019 a local broker made a compliant to DPOR on me about doing unlicensed activity! This particular broker has been watching all of my endeavors as a wholesaler meaning watching my business page on Facebook and following my website! The investigator was very nice and understood why I appealed this one compliant that made it through the agency to get an investigation started on my business. After submitting my POS agreement as well as my Assignment agreements as well as documentation to back up the activity I was doing in reference to the specific complaints that stuck I recently a few days ago heard back from her and her supervisor has stated that I do not have equitable interest as to I have a clause that states a way out of the agreement as well as in order to have this interest I had to buy the property??? I immediately responded with how I gain equitable interest in the property and that is through my agreement with the seller and once the seller signs and I sign I gain this interest! All of the transactions I have completed all of my sellers were aware that the agreement was assignable! I am now trying to wrap my head around what else I can say to the investigator as to after the email I wrote explaining the equitable interest and how I obtain it that still wasn’t enough! This isn’t the first compliant because I am doing well in my area and a lot of my competitors are upset about that I would never do anything illegal and I did my thorough research on wholesaling before jumping out there! I tried to reach out to a local attorney that has processed a few of my wholesale deals due to the end buyer choosing to use said attorney but he would not give me legal advice on this due to it dealing with the commonwealth! I would really appreciate if there is someone in this group that could direct me to an attorney in this area that could help me fight this because out of all of the wholesalers in my area I was the one targeted by these people because my name is out there! The last email from the investigator stated this any help or direction would be greatly appreciated: Ms. Kier,

Thank you for the information you provided recently regarding equitable interest.

Guidance the Department received from the Virginia Office of the Attorney General indicated that equitable ownership exists if there are no further terms or options to be met or exercised by the individual attempting to acquire the subject property within the contract. The buyer is only waiting for settlement to occur with all contractual obligations are fulfilled. A license is required if there is a way for the buyer to vacate an option-to-purchase contract, and the individual begins performing real estate functions such as marketing the subject property, bringing in a buyer, etc. Without the existence of equitable ownership, a license is required.

Please review this information and obtain any guidance you feel is necessary. I request that you let me know your intentions no later than close of business on Wednesday, March 18, 2020.

Sincerely,

Ophelia