All Forum Posts by: Brian Pulaski

I’ve been there. Not sure if PA is a lawyer state or not, but when I was asked to use the wholesalers title company, my lawyer and I did our homework. We determine the company was legit. We then reviewed the title report. It was an absolute disaster. There were 34 pages of exceptions to them insuring title. Took quite a bit of back and forth until we finally agreed. They also cost me 3-4 times more than any other title company (this is where I think them wanting you to use their company comes into play).

 Did you find out why your buyer didn’t make an offer on the house when it was listed for $49,000, but made an offer to you for what I assume is quite a bit more? Odd situation that the flipper/buyer missed making an offer when it was on the market, but made a higher offer to you once you had a verbal agreement.

Your last statement says you “got your share for doing that work”, what work? It was a listed property, what work was done? Not saying you didn’t do a good job, I’m just missing the work put in and why the end buyer is paying more for it now then when it was listed?

This post is hard to follow. Are you saying your friend is the end buyer on this deal, money was wired and now they are out the money and no house?  If so would be interesting to get a follow up from the original poster.

The house was listed by an agent online? How long was it listed for? You made an offer (stating you are NOT the end buyer but planning to find an end buyer for them) and the agent accepted your offer to find an end buyer, then took the house off the market? Now you've marketed it yourself at a higher price (for your fee) and within a day an end buyer came in and made an offer? You are getting a POF from the end buyer, to send to the agent selling the house? What are the numbers on the house (listed price, days it was listed, your agreed price, your asking price, ARV etc)? I always like to see how these deals come to fruition.

If they back out and you don’t fight it, most likely not risking much but your time.

If you try and fight them and force the sale, just be careful that you are able to close and not relying on a different end buyer.

Honestly I really doubt your first one gets you any deals at all. Someone listed has a realtor telling them what the house should sell for and they aren’t going to sell that deeply discounted. Their realtor will say, don’t accept that offer, let’s drop the price to $150k and sell it extremely quick. You can try, but you risk your name getting around for doing that (some people care some don’t).

Your second one is more work, and more difficult. With that said, it’s the best way to get actual deals with meat on the bone.

I wouldn’t waste much time finishing that basement with low ceilings. Unless you need the SF for your sale. I would leave it as is, make sure it’s dry and sell.

Send an email copying ALL parties (realtors, broker, sellers, title company) indicating you are exercising your right to back out due to inspection contingency. If there is any document that needs your signature and the sellers, have it signed and attached, with hard copies being sent to the seller for his signature (let them know this via the email). I would request response from the seller confirming they have agreed and will sign as needed...

If the seller has no issue with this (as it sounds) then I don’t see why they aren’t signing.

Welcome to REI. I have the same problem, no houses. That to me is the hardest part of this business, finding the deals.

Drop the price and get it sold. Nearly any house will sell when prices right (or low).

You can try and refinance it and rent it out. Keep in mind there are hurdles there too. If it isn't selling it may be overpriced and when you refinance you may not get the value out of it you expect. Hopefully you get enough to pay off the HML at a minimum.