All Forum Posts by: Juliana Cortes

@Jeff B.

@Account Closed

Thanks so much for the advice guys. I got an attorney to look over the paperwork and see what options we can take. Thankfully, the buyers changed the locks on the property a few days ago (its vacant and they live RIGHT NEXT DOOR) so that may give us some leverage in getting them to drop this. I also informed my seller who, luckily, is understanding of the situation because he gave up on this home years ago. One thing I can guarantee, is no more ms-nice-lady. I mostly felt betrayed after how accommodating I was to these people - I went out of my way to make sure they were satisfied. Regardless of the outcome, my lesson has been learned.

@Jeff B.im not trying to hide, just trying to figure out where I went wrong. i gave full disclosure, performed all due diligence, and because of something that is out of my control, im liable to pay for my buyers "damages" ? The realtor lied about informing the attorney and im in hot water here??

@Jeff B.i use a regular title company to close my deals. i sent this deal to my title company 2 weeks prior to finding this buyer. my title company informs all of us that the payoff just arrived and it was WAY higher than estimated. the buyer who i assigned/sold my deal to instantly comes after me with this "pay my bills" stuff. my buyers attorney literally held on to the buyers deposit. nothing else was performed because my title company already did everything.

@Neil G.yes you can double close or assign. I told the buyers realtor ALL OF THIS and he came back saying the attorney says to use FarBar instead. I was totally transparent about EVERYTHING and still this happens?? the attorney claims the realtor never said anything about this being an assignment. 

but thats the thing - everything was handled at my company. i already AM paying for a useless title and lein search. they were under contract for a week! no services have been rendered as of yet. thanks so much @Jeff B.for shedding some light, this is crazy. i had no idea how important it was to have an attorney on retainer...smh

I went under contract with my seller. He hasnt paid the mortgage in a few years. His statements show he owes 262k so we go under contract at 268k since all lis pendens were dismissed without prejudice. I find a buyer who is using a buyers agent. I told him about the assignment but he doesnt know what an assignment is so after consulting with his attorney, they say to use the FARBAR and we'll assign it at closing instead. I told them multiple times that I was still waiting for the payoff from my title company. Fast forward 2 days and we finally get the payoff at $377k! I let the my buyers know of this problem and let them know i cant close because of the WAY HIGH payoff. The lawyer now wants me to pay for his buyers fees and damages / sue for specific performance. WHAT DAMAGES?? IF I CAN CLOSE AT 270K I WOULD.

What direction should i lean towards? I used the standard FARBAR that states that my buyer pays closing costs, fee, title search, and doc stamps. I know that since you are not my attorney, this is not legal advice. I just need to figure out if im actually in the wrong for this or if im safe and wont be forced to pay ... I dont even know WHAT im paying for since I ran the title and lien search with my title company. Technically this is a nonmarketable title right?? I know this is not my fault but will the judge see it the same way??

please help :(

@Mike Wood

I always tell my sellers that my buyers are "partners" so if I were to ask my sellers if my buyer asked them anything they'd be like "well I don't know I thought he was your partner" and that would just open up a lot of other questions. But that might just be the only way aside from asking my buyer directly.

I know exactly how to comp and value and price my deals exactly as they should be. How do I know I know? Because my buyer gets me down in price, and then the property is placed on his website for sale at or above my original price. And then property records prove the property was finally sold at my original sold price.

@Brent Coombs

My minimum is $10k but most of my properties are priced for at least $20k-$25k. I get good deals. The problem is I'd rather sell it ASAP and be done with it.

Thanks for all your answers. Here's what I'm going to do: from now on, I won't send him properties unless I've got no other buyers. And if I do send him something, I'll go with him. I'll also let him know I don't want him giving my seller his card or asking questions about the price, etc. If my paranoia meter goes off (and it's NEVER wrong..EVER), that's not a person I want to have on my VIP buyer list.

Thanks for all your responses! Merry Christmas Everyone!

Originally posted by @Account Closed:

You need to sit down with the guy.  Call him on your suspicions.  Get a clear understanding going forward.  Essentially, he is paying you $4,000 per property to be a bird dog for him.  If that works for you, then stick with it.  Just remove the mystification.

 But what exactly would I be calling him out on? Is the whole giving his card to my seller wrong? Should I tell him not to do that? I'm not the type to let others step all over me but at the same time I want to be confident in my responses to his actions.

Hi everyone! Just need some advice on this issue: I've been wholesaling for about a year, and a couple of months ago I got a new buyer. Seems ok but while I was showing a house to him, he gave his card to my seller. I find that to be inappropriate. Why would my seller need his information to contact him?? He is actually a big time full time wholesaler in this area. He's been doing this for YEARS. Anyway fast forward to the next properties, lately he's been somehow offering exactly $4,000 above my buy price for the last 3 deals and I suspect it's because he's getting the sellers to tell him exactly what I paid for the property when I'm not there during his initial walk through. I know $4k is not bad but I'm thinking he's being sneaky about this. Should I allow my buyer to give my sellers his card? Should I continue to send him to my sellers house ALONE for a viewing? I don't know if this is appropriate please help!