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All Forum Posts by: Tom Gimer

Tom Gimer has started 12 posts and replied 3415 times.

Post: New law makes wholesaling illegal is SC

Tom Gimer
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Some posters have no idea how networked wholesalers do business.

Many contracts we receive are accompanied or followed by assignments the same day. No marketing required. No investorlift, no Craigslist, no email blasts, no BS contingencies included. 

In fact when I see the contract, the neighborhood and the purchase price, I have a decent idea who the assignee will be. 

Post: Should I avoid Baltimore?

Tom Gimer
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Quote from @Michael P.:

Should I buy a whole street of rowhouses in Baltimore for $1k each?

No. Large investment in a failed area,

City should be paying investors to take those chances.

Post: What are New ‘Investors” Looking For When They Come to BP?

Tom Gimer
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Most are looking for contracts to use/the best contract terms to include and also identifying investor-friendly title companies in the areas they are trying to work. 

Some are looking to network with more experienced investors to bounce ideas off of and/or potentially JV with.

I think BP is a great resource for all of the above. 

But I do agree with the sentiment of your post.

Post: Thoughts on this? Did this realtor violate anything?

Tom Gimer
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Quote from @Justin W.:
Quote from @Tom Gimer:

@Justin W. The law on restrictive covenants is very state-specific and developed through case law over time. You can't get a truly helpful answer here without sharing the exact and complete language in all the instruments, information concerning the parties involved in the original transaction, and details on what has transpired since.

I actually can't tell from the question what the goal is. Is the goal finding someone to blame and punish, or avoiding/striking the deed restrictions themselves?

The goal is to remove the mobile home. Nothing more. The mobile home that’s halfway in place yet has been sold through a shady deal with restrictions ignored.

The process would be, I believe, to file for a temporary restraining order, followed by a permanent injunction, to enforce the deed restriction. If successful the process would end with a court order requiring the mobile home to be removed.

The question would be easier to answer if the actual language was provided so it could be determined that the restriction runs with the land and bind subsequent owners.

Post: Thoughts on this? Did this realtor violate anything?

Tom Gimer
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 The law on restrictive covenants is very state-specific and developed through case law over time. You can't get a truly helpful answer here without sharing the exact and complete language in all the instruments, information concerning the parties involved in the original transaction, and details on what has transpired since.

I actually can't tell from the question what the goal is. Is the goal finding someone to blame and punish, or avoiding/striking the deed restrictions themselves?

Post: Seller LLC has Litigation

Tom Gimer
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A title report would be necessary to confirm whether or not there is anything preventing a current sale by the owner of record. I'm guessing BK or receivership is on the horizon... and despite what has been suggested above, those events would prevent a sale. 

Before long JKV will be on the radar of all the major title underwriters and their title agents will need underwriter permission to close deals in which they are involved.

Post: What to do when my agent makes a unforgivable mistake

Tom Gimer
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Quote from @Kevin Sobilo:
Quote from @Tom Gimer:
Quote from @Kevin Sobilo:
Quote from @Tom Gimer:
Quote from @Kevin Sobilo:
Quote from @Tom Gimer:
Quote from @Kevin Sobilo:
Quote from @V.G Jason:

You consider this unforgivable?

Submit your bid again, use a diff agent. Unforgivable is irreparable damage. You did not lose anything, you just didn't get what you were expecting to get. The agent is going to learn a hefty cost for this and that's your business. 

Life isn't forgiven, keep it trucking. 


You are right, the damage isn't irreparable. The question is how much money does the brokerage and agent or their insurance owe them.

They carry insurance for EXACTLY this sort of thing where their mistakes cost their clients.

Also, their bid was accepted, so why don't you think they didn't lose anything? They lost this deal apparently or at least would need to apparently pay significantly more to get it back. 

I would not be so certain that the brokerage owes the client anything. Could be expensive to find out. 

For starters, a purchase at the original contract purchase price could have resulted in a big fat loss. More…

Did the agent submit the bid? Or did the client? Was the agent in exclusive control of the information required by HUD? Or just expected by the client to submit it? If so was that expectation reasonable? What are the damages, if any? If there are any provable damages, was the action or inaction of the agent the proximate cause of the client’s damages? Or does the client bear some of the blame? In some jurisdictions if the answer to that last question is in the affirmative, no matter how small of a percentage, the claim is dead.





Its possible that the amount can be firmly established as from one of the responses it sounds like there is a possibility of getting the deal accepted again for a higher price. So, the difference in price & closing costs would establish firmly the amount.

As for the rest the poster clearly believes the agent had what they needed to take these actions, but did not. Yes, there could be a "gotcha" because of some unknown facts that would be the case in every single situation imaginable!

So, little to lose by threatening a lawsuit as this might get their insurance to make an offer to make it go away. Fighting a lawsuit is EXPENSIVE for the insurance company as well. So, if the facts are what they sound like they might very well prefer to settle but you won't get a settlement without taking an action!

The purchase would likely need to be consummated at the higher price in order to establish the "damages" to which you are referring... and then I would refer you back to the other potential issues I raised with respect to a negligence claim.

Responding to a demand letter with "go pound sand" is not the same thing as defending a lawsuit.

I just don't see any attorney taking this $12K case to trial and that is what you are suggesting as the end game.

Who says its $12k? Nobody said that! They said the new MINIMUM bid is $12k higher, that doesn't mean that will be the WINNING BID. The new winning bid might be $50k higher!

And no, you would not need to actually buy the property again. The new winning bid establishes the loss because that is the price it would have cost to replace that exact deal! They already caused the harm by losing the 1st deal. So, even if it wasn't this simple to establish the amount there would be an amount owed. In many cases estimating damages is difficult, here luckily it looks to be really straight forward BETTER than most cases.

Also, a small claim might be possible to file in small claims court without a lawyer depending on how small claims work in that state.

Also, why would a lawyer care about the amount of damages? They are getting paid out of your pocket not from the winnings. 


The fact pattern suggests $12k. You're adding facts not in evidence.

Small claims court is limited to small claims. Which is it, Kevin? Is the claim small or no? 

And no... attorneys can bill hourly (out of your pocket) or agree to take a case on contingency (from the winnings) or work out a combination of those. My point is nobody is taking a $12k case to trial on a contingency basis and nobody is going to take a $12k case hourly unless they are not busy. That's a few days work before the client says OK enough billing.

I had an attorney I was considering hiring to defend a lawsuit in a state I don't practice. Unique fact pattern with an unreleased deed of trust. He was like "is this a $40k case or a $500k case? If it's $40k I can't help you." Reality.


It's sad that you need this explained to you. Perhaps read slower.

There are no facts yet as apparently no subsequent sale has happened. So, you're $12k "suggestion" is no fact either.

The fact pattern SUGGESTS the MINIMUM amount is $12k which COULD BE a small claim handled without a lawyer. So, that is one possible avenue.

The amount could end up being substantially MORE. If so, a lawyer being paid by the hour could be hired.

Very little money need be spent to file a lawsuit and try to at least get a settlement offer. Doesn't mean you even need to go through with it. Just filing may well be enough to get an offer and with very little cost or effort. That is the point.

This isn't the type of lawsuit I would expect any lawyer to take on contingency. I'm glad I was able to enlighten you about lawyers charging by the hour since that was something you apparently had not considered.

Please do try to read and understand better this time.

I think a settlement offer is very possible in either situation. If they want to take it to court it could be possible as a small claim if the amount is something small like $12k and they want to handle it without a lawyer or if the amount is large enough it might make sense to pay the lawyer by the hour. Yes, lawyers do work by the hour ALL THE TIME. There are certain categories of lawsuits where contingency is more common but that is probably more the exception than the rule.



"It's sad that you need this explained to you. Perhaps read slower."

"Please do try to read and understand better this time."

Condescending a**hole comments. Heaven forbid somebody disagrees with your analysis.

Post: What to do when my agent makes a unforgivable mistake

Tom Gimer
Posted
  • DMV
  • Posts 3,467
  • Votes 3,417
Quote from @Kevin Sobilo:
Quote from @Tom Gimer:
Quote from @Kevin Sobilo:
Quote from @Tom Gimer:
Quote from @Kevin Sobilo:
Quote from @V.G Jason:

You consider this unforgivable?

Submit your bid again, use a diff agent. Unforgivable is irreparable damage. You did not lose anything, you just didn't get what you were expecting to get. The agent is going to learn a hefty cost for this and that's your business. 

Life isn't forgiven, keep it trucking. 


You are right, the damage isn't irreparable. The question is how much money does the brokerage and agent or their insurance owe them.

They carry insurance for EXACTLY this sort of thing where their mistakes cost their clients.

Also, their bid was accepted, so why don't you think they didn't lose anything? They lost this deal apparently or at least would need to apparently pay significantly more to get it back. 

I would not be so certain that the brokerage owes the client anything. Could be expensive to find out. 

For starters, a purchase at the original contract purchase price could have resulted in a big fat loss. More…

Did the agent submit the bid? Or did the client? Was the agent in exclusive control of the information required by HUD? Or just expected by the client to submit it? If so was that expectation reasonable? What are the damages, if any? If there are any provable damages, was the action or inaction of the agent the proximate cause of the client’s damages? Or does the client bear some of the blame? In some jurisdictions if the answer to that last question is in the affirmative, no matter how small of a percentage, the claim is dead.





Its possible that the amount can be firmly established as from one of the responses it sounds like there is a possibility of getting the deal accepted again for a higher price. So, the difference in price & closing costs would establish firmly the amount.

As for the rest the poster clearly believes the agent had what they needed to take these actions, but did not. Yes, there could be a "gotcha" because of some unknown facts that would be the case in every single situation imaginable!

So, little to lose by threatening a lawsuit as this might get their insurance to make an offer to make it go away. Fighting a lawsuit is EXPENSIVE for the insurance company as well. So, if the facts are what they sound like they might very well prefer to settle but you won't get a settlement without taking an action!

The purchase would likely need to be consummated at the higher price in order to establish the "damages" to which you are referring... and then I would refer you back to the other potential issues I raised with respect to a negligence claim.

Responding to a demand letter with "go pound sand" is not the same thing as defending a lawsuit.

I just don't see any attorney taking this $12K case to trial and that is what you are suggesting as the end game.

Who says its $12k? Nobody said that! They said the new MINIMUM bid is $12k higher, that doesn't mean that will be the WINNING BID. The new winning bid might be $50k higher!

And no, you would not need to actually buy the property again. The new winning bid establishes the loss because that is the price it would have cost to replace that exact deal! They already caused the harm by losing the 1st deal. So, even if it wasn't this simple to establish the amount there would be an amount owed. In many cases estimating damages is difficult, here luckily it looks to be really straight forward BETTER than most cases.

Also, a small claim might be possible to file in small claims court without a lawyer depending on how small claims work in that state.

Also, why would a lawyer care about the amount of damages? They are getting paid out of your pocket not from the winnings. 


The fact pattern suggests $12k. You're adding facts not in evidence.

Small claims court is limited to small claims. Which is it, Kevin? Is the claim small or no? 

And no... attorneys can bill hourly (out of your pocket) or agree to take a case on contingency (from the winnings) or work out a combination of those. My point is nobody is taking a $12k case to trial on a contingency basis and nobody is going to take a $12k case hourly unless they are not busy. That's a few days work before the client says OK enough billing.

I had an attorney I was considering hiring to defend a lawsuit in a state I don't practice. Unique fact pattern with an unreleased deed of trust. He was like "is this a $40k case or a $500k case? If it's $40k I can't help you." Reality.

Post: What to do when my agent makes a unforgivable mistake

Tom Gimer
Posted
  • DMV
  • Posts 3,467
  • Votes 3,417
Quote from @Kevin Sobilo:
Quote from @Tom Gimer:
Quote from @Kevin Sobilo:
Quote from @V.G Jason:

You consider this unforgivable?

Submit your bid again, use a diff agent. Unforgivable is irreparable damage. You did not lose anything, you just didn't get what you were expecting to get. The agent is going to learn a hefty cost for this and that's your business. 

Life isn't forgiven, keep it trucking. 


You are right, the damage isn't irreparable. The question is how much money does the brokerage and agent or their insurance owe them.

They carry insurance for EXACTLY this sort of thing where their mistakes cost their clients.

Also, their bid was accepted, so why don't you think they didn't lose anything? They lost this deal apparently or at least would need to apparently pay significantly more to get it back. 

I would not be so certain that the brokerage owes the client anything. Could be expensive to find out. 

For starters, a purchase at the original contract purchase price could have resulted in a big fat loss. More…

Did the agent submit the bid? Or did the client? Was the agent in exclusive control of the information required by HUD? Or just expected by the client to submit it? If so was that expectation reasonable? What are the damages, if any? If there are any provable damages, was the action or inaction of the agent the proximate cause of the client’s damages? Or does the client bear some of the blame? In some jurisdictions if the answer to that last question is in the affirmative, no matter how small of a percentage, the claim is dead.





Its possible that the amount can be firmly established as from one of the responses it sounds like there is a possibility of getting the deal accepted again for a higher price. So, the difference in price & closing costs would establish firmly the amount.

As for the rest the poster clearly believes the agent had what they needed to take these actions, but did not. Yes, there could be a "gotcha" because of some unknown facts that would be the case in every single situation imaginable!

So, little to lose by threatening a lawsuit as this might get their insurance to make an offer to make it go away. Fighting a lawsuit is EXPENSIVE for the insurance company as well. So, if the facts are what they sound like they might very well prefer to settle but you won't get a settlement without taking an action!

The purchase would likely need to be consummated at the higher price in order to establish the "damages" to which you are referring... and then I would refer you back to the other potential issues I raised with respect to a negligence claim.

Responding to a demand letter with "go pound sand" is not the same thing as defending a lawsuit.

I just don't see any attorney taking this $12K case to trial and that is what you are suggesting as the end game.

Post: What to do when my agent makes a unforgivable mistake

Tom Gimer
Posted
  • DMV
  • Posts 3,467
  • Votes 3,417
Quote from @Kevin Sobilo:
Quote from @V.G Jason:

You consider this unforgivable?

Submit your bid again, use a diff agent. Unforgivable is irreparable damage. You did not lose anything, you just didn't get what you were expecting to get. The agent is going to learn a hefty cost for this and that's your business. 

Life isn't forgiven, keep it trucking. 


You are right, the damage isn't irreparable. The question is how much money does the brokerage and agent or their insurance owe them.

They carry insurance for EXACTLY this sort of thing where their mistakes cost their clients.

Also, their bid was accepted, so why don't you think they didn't lose anything? They lost this deal apparently or at least would need to apparently pay significantly more to get it back. 

I would not be so certain that the brokerage owes the client anything. Could be expensive to find out. 

For starters, a purchase at the original contract purchase price could have resulted in a big fat loss. More…

Did the agent submit the bid? Or did the client? Was the agent in exclusive control of the information required by HUD? Or just expected by the client to submit it? If so was that expectation reasonable? What are the damages, if any? If there are any provable damages, was the action or inaction of the agent the proximate cause of the client’s damages? Or does the client bear some of the blame? In some jurisdictions if the answer to that last question is in the affirmative, no matter how small of a percentage, the claim is dead.