All Forum Posts by: Brian Jordan

@Jim Growfer Sorry you've had to endure all of the comments above. BP used to be a much better platform where you good get helpful suggestions for your questions instead of ridiculed for them. There's plenty of companies online that will give you a proof of funds to use. Google proof of funds and look at the images. Not telling you what to do but I will say that I've provided a POF on hundreds of wholesale transactions with realtors and to this day cannot remember a single time that an agent took the time to verify them. Best of luck and let me know if you need anything else.

@Jeremy Woods For me, this would be a spiritual issue with myself. My first question would be What are your intentions with the post? Did the question truly come from a place of you wanting to be a better person? If so, I would suggest looking at the entire situation and taking ownership of what YOU did wrong. It can be a very hard thing to do for us. I'm guessing there may be more going on than this one transaction that caused the blow up. Maybe other areas of your life are causing stress that is effecting this area. I don't know you and I hope these answers don't seem condescending or preachy. I'm currently working on this specific area in my life and there is a ton of info and self help tools out there to not only improve our business but also our well being. I'm obsessed with real estate and could work on it from sun up till my eyes are so blurry I can see the words on my computer screen. Then lay in bed and be super excited about waking up the next day to do it all over again. I found I needed balance and to learn tools to help me achieve that in all areas of my life. I wish you the best and hope you find what you're looking for.

@Alan Johnson Definitely a lot of working parts. Yes, the deposit is refundable only if we can not deliver free and clear marketable title. If the seller cannot/does not perform, the money is refunded to the buyer. A seller backing out can cause significant problems for sure. I will only contract deals that I'm sure we can move. Typically, we have multiple buyers for every deal we put out. In that scenario, we just move on to the next Buyer. If the seller is in a position where they absolutely need to close, we have transactional lending that we use for anywhere from 48hrs to 30 days. I'm a licensed agent so we'll just close on them and immediatley list it on the MLS if we haven't already found the next Buyer.

@Alan Johnson When wholesaling properties, we require a $2,000 non-refundable deposit paid directly to our company. The remainder of the assignment fee is paid at closing. The deposit we require is NOT earnest money. It is a non-refundable deposit that will be credited towards the purchase price. If a Buyer absolutely insists on placing it with the title company then we require that they sign a Release of Earnest Money at that time before the contract is considered executed. If they try and back out and the closing date in the contract passes and they haven't performed, the title company has now satisfied their requirements to release that earnest money. It's rare for us that a seller backs out. We DO NOT in any way pressure seller's. One of the first things we say to them is that "We only want to buy if you want to sell" People are coming to us to solve their problem and they've decided well ahead of time that selling the home solves their issue. All we can do at that point is make it as easy as possible for them so that they can move on. Hope this helps and please feel free to ask additional questions. Always happy to help if I can.

 Absolutely, let me know when and we'll get something scheduled. Message me direct and we'll go from there.

I believe you're confused when you state "assigning a contract with no intention to purchase" I believe you mean executing a contract with no intention to purchase. The Assignment doesn't come until I've found a buyer for the contract. I also cringe when I see you state "If you really want to wholesale, you have to purchase the property, then resell it via double close. This is not only confusing (If I've already purchased the property, then there's no double close) but the whole statement is more based on your opinion than law. Your statement is your opinion of what wholesaling is. I've been wholesaling for 9 years full-time and have closed over 400 transactions in 2 different state, Texas and Ohio. My definition of wholesaling is very different from yours but that's just my opinion. You mentioned that when I put a house under contract with the intent of finding a buyer, I've now made the seller a client. This could not be more inaccurate. I do not have a Client until they have signed the necessary paperwork explaining agency and both parties have agreed to that relationship. I single action from a single party in no way creates an agency or fiduciary relationship. Also, you can talk about intent all day long but we seem to be focused on the legalities of it all so I'll say this. Good luck proving intent in a court of law. I can imagine it would be next to impossible. Now, all of this being said. I highly encourage wholesalers to get their real estate license. Besides the legalities, it gives you access to the MLS and incredibly powerful training to make you better at your craft. Best of luck to all you wholesalers out there!!! Don't get discouraged. Educate yourself and always do the next right thing!

@Jason DiClemente As part of real estate training, you learn the difference between client and customer. A client is someone, as a real estate agent, I have a fiduciary responsibility to. That means the seller has entered in to an agreement with me stating I will represent them in a real estate transaction. At that point, I have been sworn to hold their interests above all others. A customer would be someone who calls me from a We Buy Houses postcard and wants to sell their house to me directly. They are a customer at this point and I owe them NO fiduciary duty. I am there to provide a service and solve the problem they've presented me with. Two completely different scenarios.

@Alan Johnson Probably the best comment I've ever seen on BP. Well done!

@Vernon Henry Send me your email address through a direct message and I'll add you to my list

@Trachelle McNeill Hello, I'm in the Columbus, OH area as well. Have you been to any meet ups? There's a few good ones in town. What was the question you were trying to also? Maybe I can help.