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All Forum Posts by: Navjeet Singh

Navjeet Singh has started 6 posts and replied 18 times.

Post: Put non contingent offer - closing jitters

Navjeet SinghPosted
  • Livermore, CA
  • Posts 18
  • Votes 4

Thank you all for the feedback. We closed the home - up and onwards from here on.

Post: Put non contingent offer - closing jitters

Navjeet SinghPosted
  • Livermore, CA
  • Posts 18
  • Votes 4
Quote from @Ray Hage:

@Navjeet Singh it sounds like you're making a big mistake and you used a very shady agent (unfortunately it is common in this industry. I am an agent as well and seen too many terrible things haha). 

Are you really sure you have no way out of this contract? If you are getting it financed, you could ask that the bank decide to pull out of financing it. Otherwise, it may be worth losing the security deposit if the house is in really bad condition. 


It’s  not in a visually bad condition - foundations etc are good based on the report - just hasn’t been maintained too well - it’s a large custom home built in 2003 and single story and the agent kept persuading us it’s worth that much. So we bought into the idea that it’s a great investment. 
we went non contingent over asking but just not happy with the way the deal went .. reluctance of our agent to spend time on the property  and when we went for inspection with sellers inspector the seller agent was present and that didn’t give us room to ask questions and really inspect and feel the property to our liking… I am not sure if it’s just a feeling that goes away or will this be a terrible mistake .. 

earnest money is also a very large sum

Post: Put non contingent offer - closing jitters

Navjeet SinghPosted
  • Livermore, CA
  • Posts 18
  • Votes 4

Our Agent knew we were beat up buyers since we lost 3 homes prior and switched agents..The agent influenced us to go non contingent offer waiving everything… if we wanted to win the house. We went with highest offer got a counter asking $20k more and reluctantly signed. We really stretched ourselves thin. 

we did not perform our own inspections because we were busy raising finances .. and our agent insisted we use the same company who did the initial inspections to “get a report in our name” .. we went for visual inspection with our agent and found the master bathtub was  upside down — they said there was a chip and seller was fixing the tub. Our agent was rushing us because she said she had an appointment. But when we found the issues she decided to stay back. 
 

This raised some doubt and we communicated to our agent that we are not satisfied but she kept insisting “there’s nothing you can do” and “you went non contingent” 

Then later she sent an email saying we passed the 17 day inspection period which we didn’t know about.


I asked I want to arrange my own inspection and she said .. “what are you going to find?” And there’s “nothing you can do you went non contingent” .. and she veb said “you can do all the inspections you want after you close and move in” 

She insisted we either “get a report in our name” from the same inspection company or “call the plumber who fixed the leaks prior” 

Now 2 days prior to closing agent sent us a disclosure saying we waive all inspection rights - home inspection waiver , wood destroying pest waiver etc. 

we felt remorse of overpaying in first place and we are not sure if we are making a mistake closing this home with the whole inspection thing. The home has been sold 4 times prior built in 2003.

What should we do at this point? Earnest money is likely not going to be refunded if we back out now.

for example here is detailed documents for one asset held in Ohio - https://asset.lofty.ai/LFTY0007 

Quote from @Chris Seveney:
Quote from @Navjeet Singh:
Quote from @John Clark:
Quote from @Navjeet Singh:

I have a large sum of cash stuck in an online real estate platform lofty.ai. I feel I've been cheated and the founders misguided me and made false promises. Is there a real estate lawyer/professional available who I could consult with me please? I can provide further details please DM me.

Thanks,
Navjeet

Contact the relevant state’s attorney, attorney general, consumer protection agency, and securities commission, for starters. Make sure you have all your documents scanned and ready to e-mail to them,  and ditto all your notes of conversations, etc. 

 Thanks I will do this. The state where I have properties are Ohio, Illinois.


Have you asked for a list of the owners of the LLC?

Ohio division of financial something is who you can contact, but if they did not do anything illegal and its just a bad investment or its just illiquid, there is not much you can do. Being incompetent (not saying they are or are not just making the statement) is not considered fraud or a scam.

 @Chris Seveney I have asked for a list of owners of the LLC but they have refused to provide stating that all members are anonymous because it's a DAO. Lofty is facilitating all communications operations/voting. most of these properties have been burning cash and additional loans are being taken to repair the properties and even pay property tax bills

Quote from @John Clark:
Quote from @Navjeet Singh:

I have a large sum of cash stuck in an online real estate platform lofty.ai. I feel I've been cheated and the founders misguided me and made false promises. Is there a real estate lawyer/professional available who I could consult with me please? I can provide further details please DM me.

Thanks,
Navjeet

Contact the relevant state’s attorney, attorney general, consumer protection agency, and securities commission, for starters. Make sure you have all your documents scanned and ready to e-mail to them,  and ditto all your notes of conversations, etc. 

 Thanks I will do this. The state where I have properties are Ohio, Illinois.

Quote from @Chris Seveney:

@Navjeet Singh

Based on what I was reading there are a lot of other complaints as well which is, the assets are very illiquid and if you are buying such a minor interest in the LLC the. How does it get liquidated (the asset) and there is probably no platform to buy and sell these interests as mentioned

Basically like buying a NFT that with real estate slowing, going to be no interest in owning something extremely illiquid

 @Chris Seveney that’s correct the buying of these properties was hyped up. They created discord chat rooms and properties were sold out in minutes after launch. This was the sad part as they made the assets look so scarce and promised that investors could sell back tokens to them at anytime in the future. 

The only platform to buy and sell these is their own marketplace here: https://www.lofty.ai/marketplace

they send out property updates, repairs etc, via discord channels.
 
they send out governance votes on certain things like sell the property or take a loan against it. Sadly as an investor we don’t have visibility on who voted what? it’s a closed system and  no clue what’s happening behind the scenes.


they have unpaid tax bills on their properties and they have taken loans on top to pay those bills because the property revenues can’t cover those bills for example this one https://www.lofty.ai/property_deal/4318-Clybourne-Ave_Clevel...

Quote from @John Clark:
Quote from @Navjeet Singh:

I have a large sum of cash stuck in an online real estate platform lofty.ai. I feel I've been cheated and the founders misguided me and made false promises. Is there a real estate lawyer/professional available who I could consult with me please? I can provide further details please DM me.

Thanks,
Navjeet

Contact the relevant state’s attorney, attorney general, consumer protection agency, and securities commission, for starters. Make sure you have all your documents scanned and ready to e-mail to them,  and ditto all your notes of conversations, etc. 

Thanks @John Clark @Jay Hinrichs

would that be the state where the properties are located or the state where they formed the DAO LLC (Wyoming) which holds the paperwork for the partnership?

hi Jay - Basically I can't sell tokens - no one is buying and there's no liquidity like they promised. There is 0 cash flow for months in now.

I have a large sum of cash stuck in an online real estate platform lofty.ai. I feel I've been cheated and the founders misguided me and made false promises. Is there a real estate lawyer/professional available who I could consult with me please? I can provide further details please DM me.

Thanks,
Navjeet