All Forum Posts by: Charlie MacPherson

Yes, we did inform the seller's side instantly to minimize damages. We have an ethical obligation to inform them and we are not interested in the slightest in helping this knucklehead cover up his bad deeds.

I'd consider suing for damage to our reputation, but that sort of thing is pretty hard to prove.  Harder still to come up with a dollar value.

Oh - by the way - the "buyer" informed the seller that he wanted to back out 90 minutes before the home inspection was to take place.  There was no financing contingency.  

Based on that, I'd imagine that the seller might sue for specific performance.   As my professor in Business Law told me many years ago, "we can't make you buy the house, but we can make you wish you did!"

We've been running all over creation showing a client $1M+ properties and finally put one under agreement for over $1.5M.

All sorts of tiny red flags start showing up.  Earnest money check never arrived at the seller's agent's office.  The buyer dodged questions about the source of the money.  Googling his name comes up with some involvement with Motocross, but nothing else.  Proof of Funds is a screen shot of his online banking - and looks good, until you look closely.  It shows a single deposit for over $50M, but it's not a round number (an obvious clue if it was).  The colors are off on the screenshot. 

After several phone calls, the bank told us this morning that this guy is not a client.  The "buyer" has no idea why the bank would say that.  Pressed to provide his account number, he said he would - but later said he would mail it rather than email, text of phone call, due to "security concerns".  He is, of course, stalling for time - and wants us to show more $1M properties.

(Lesson learned - even when we don't think there's any reason to validate proof of funds - and we initially didn't with this one - we will moving forward)

Worse, the buyer's fiancee is a childhood friend of my daughter / business partner.  If this guy has actual delusions and she doesn't know it, do we tell her?  If we tell her, are we exposed legally?  If we don't are we dirtbags for letting someone marry a lunatic?

The seller is probably going to sue for at least the amount of the $5000 earnest money check.  

Given that the "buyer" entered into a contract that he knew he could not perform to, there seems to be a viable claim for fraud.

The attorney is going to invoice for his time.  I'm considering an invoice for our time and expenses.  I think we'll have a hard time collecting on it.

Obviously, we're not going to spend another minute with him without a proper proof of funds, which we will vet.

Henry Rappa from Melrose. 

I have a client who wants to move to Port St. Lucie, FL.  I'm looking for an agent that will take the client for a 25% referral fee.

Please respond through BP

It was under agreement and blew up at the last minute.  The seller is now VERY motivated.

This property is listed on MLS and is not my listing. It's a flip opportunity I've identified and that's why I need a Buyer's Broker agreement signed before revealing the address.

It appears to be more of a "fluff & buff" than a full gut.

Here are the ESTIMATES (buyer due diligence required)

Acquisition: $200,000
Repair: $50,000
Carry 120 days @ $100/day = $12,000
Marketing: $17,000
Surprises: $10,000

ARV $330,000 (with solid very local comps to back it up). Possibly $350K.

This property has TOWN SEWER (no Title V disasters) and gas.

The only fly in the ointment is that offers will be opened this Sunday 2/7/16 at 5 PM.  If you're interested, please contact me ASAP.

I'm able to search it through MLS. That's one of the things that an investor-friendly agent can do for you!

Hi @Brahms Guignard  I'm an investor-friendly real estate agent and have recently done several deals in Brockton.

I'd be happy to work with you.  Please call or email and we can discuss the best way to move forward.

HI @Ralph Corgain  I was recently approached with a wholesale deal from Adams.  It was dirt cheap - at least compared to the rest of the state.

I did a little digging and came up with this:

- As of today (1/15/16), there are 8 SF homes on the market in Adams, 3 of which are listed as "lots".  The lots are to-be-built in a new "premier" subdivision, so only 5 homes on the market that you could buy today.

- In the last 5 YEARS, there have only been 10 SF home sales in the entire town, with an average sale price of $69,350.  

- There has been only 1 sale in the last 12 months and 3 total in the last 24 months.

Despite the seemingly dirt cheap price, I opted out due to the glacially slow market activity there.  I just don't see Adams as a place that I'd consider investing.

If you want any help with further analysis, just give me a call or email and I'll try to help.