All Forum Posts by: William C.

 LOL.  Too long didnt read?  

I'm on BP to communicate with other like minded individuals. Truth is I spent a ton of time on here pleading my case, giving my opinions, and laying out the facts, and debating right and wrong. My time spent on BP is not ROI positive, I understand that. I also understand this problem wont be solved on BP either. But I would appreciate it if you at least take a minute or two and read some of the thread before putting in your 2 cents. I'm pretty sure I made it clear in OP that the seller is a bank. I appreciate your input nonetheless, no matter how invaluable it is to the discussion.

 You are right, agents do not have the ability to actually cancel the contract.  I apologize I misunderstood what you meant, and I really do appreciate your input and advice.  Regarding the agent not being the owner, That is exactly why I'm still not high fiving my client.  We still have a ways to go.  This thing might hit the open market again for all I know.  In fact, before the real agent ever got back to me with the news she would be cancelling the contract, I was just expecting she would not have the time or energy to even deal with it, nor would she be inclined to cancel a contract with a ready, willing, and able and buyer, assuming they are.  I wish the lying agents broker responded via text like she has been.   Evidence in writing is way more compelling than he said she said. The lying agents broker mentioned they were attempting a concurrent close.  I don't know if he meant that literally, but Concurrent in my opinion is at the same time.  That sounds like using end buyers cash to fund the deal with seller.  I am making assumptions here, but this "investment group" isn't exactly lighting the world on fire.  They don't exist anywhere in real life or on the internet, and I can only see record of 3 sales in 4 years.  It seems to me they are a couple of hacks who saw a large house priced under market value, and figured they'd try to make a quick buck.  The zestimate is super high because of the square footage, but knowing the market very well I know its a bit inflated.  She made way too many mistakes to make me believe she has been very successful with closing these in the past.  Again, more assumptions on my end.    But just trying to give as much context as I can.

I didn't disagree with what you had to say or your point of view. I think you might be missing my point as what they have done wrong. Listing the property on the MLS "too early" is not a minor infraction. It's fraud, deceit, misrepresentation. The only change they made was the owners name, to make it appear as thought they in fact owned it. Then, when I questioned her about the other listing, she replied by saying the OTHER listing was in error, and they were in fact the owners. Then AFTER her broker forced he to remove the listing, she continued to negotiate the deal with me, as thought they owned the property. My tone and temper would be completely different if they were HONEST from the outset they were wholesaling, and did not own the property. I simply would have never ever requested a showing, I never would have shown my buyers interest, and I certainly would have never submitted an offer. See the issue with misrepresentation? It put the scammers in a win win situation. And Iv admitted they would have been 100% in the clear if they simply waited to list. That is their fault for trying to skit the laws. I just cringe how so many people in this thread are trying to downplay the severity of this practice of listing in the MLS. It's as serious as it gets in my opinion. Without the sellers consent, and by not disclosing that you do not have ownership, it's a SCAM, not wholesaling. Wholesalers have their place. Assuming they have OVER disclosed to the seller all of their options, and this happens to actually be the best situation for them to get the most amount of money with the least amount of hassle. And the OVER disclose to all the buyers they are wholesaling the property and not the actual owner. I'd be the first to work with an honest and legit wholesaler if someone could actually show me one, and they had a deal I was interested in. I have yet to meet one thought, in the 10 years I have been doing this. So I just want to be clear I appreciate your input, and I understand your point of view.

You clearly have not read the entire thread, and I cant blame you, Its long, and I tend to ramble. Sorry, it must be my ADD. Fake sellers will not accept out offer of 30k more than they are paying. In fact my buyer would be happy to pay that amount, that happens to be about the same amount his backup offer is to the actual seller. You also must have missed the update I gave earlier. The real listing agent, who is working for the bank replied to me this morning, apologized, told me to submit back up offer, is cancelling the contract and moving to back up offers, or relisting the property. So at this point things are moving in the right direction, we'll see though, until I have the agreement of sale in hand I am preparing for the worst. If she for whatever reason is unsuccessful in cancelling the contact, unfortunately we'll have to map out our next move. I'm sure you can imagine how difficult the position we will be in if we A. refer them to the state board, MLS, etc and try to make a stink before settlement. Then B. if we don't succeed, now I'm forced to negotiate with these scammers, who have been lying since the first text she sent me.    We will likely just move on if they end up purchasing the property.  Its not really THAT good of a deal.  And maybe it'll be a blessing in disguise when they find out the foundation is falling apart the building needs to be condemned....obviously an extreme example buy you get the point.  

 You are confusing posters.  I am OP.  I am not suing anyone.  They are referring about different deals I think

I agree with @Jay Hinrichs.  Better chance of them buying the home, than it being cancelled and they cloud title.  As I mentioned before, the bank has redundant language in their boiler plate that prevent buyers from doing this.   If anyone has ever dealt with these banks before and have seen these agreements, they give themselves 100 outs and give the buyers zero.  Just the way it goes when you buy a foreclosure.  Turns out it might be our saving grace here.  

I agree with you. You have not read all my posts, and I don't blame you. Iv stated all of the things that you just did. No attorneys will ever get invloved from my end. I have taken a deep breath, Im prepared to see the sale happen, even though the real listing agent has stated she is cancelling the contract and moving to back up offers or relisting. I appreciate the input. I will be going to the MLS and the board as soon as I have the deal under contract for my buyer. Or as soon as its clear they will not be cancelling the contract.

What if buyer is in breach of contract?  Twice?  Did they not give me access to property by providing the LB combo as their own?  Did they not attempt to assign the contract?   I didn't even include the paragraph that basically says seller can cancel for ANY reason they see fit, and buyer cannot.  They do that so they can never be on the hook.  Im happy to have the conversation.  You all may be right.  Im banking on them just letting it go as they have clearly messed up.

 I appreciate the insight.   I'll have to google a memo, I have never heard of such a thing.  

 Jay, I hear you loud and clear.  Unfortunately I have empathy for the boards in each state as they really don't have the time, resources, or even the slightest idea of how to battle such a blaze.   It's gotta be a fight from within.  Guys like you and me, and the other honest agent and investors in this thread.   My fight going forward will not be with individual scammers one by one.  It will just be a country wide, world wide, social media/mass media educational public service announcement, one blog post, facebook update, Twitter update, instagram photo, youtube video at a time.  Millions of Americans watch good morning america, I see 3 minutes stories on there all the time about warning consumers about the bad apples.   Maybe your pretty face will end up there telling all the good people what to watch out for?  It'll be a grassroots effort, but it can be done.   Id be willing to bet if you were to ask 10 Americans if they have ever heard of "buying real estate with no money down"  or more generally the late night infomercials of getting rich in real estate by 7am the next morning, that at least 7 of them would say yes.    The good news is, when a message is intended to HELP the masses, and not just a small few of hucksters trying to make a quick buck, sharing, and liking, and re-posting all over social media can spread the good word pretty fast.  And you know what, if it takes me 10 years, Ill be happy with that too.  As more and more learn about the scam artists out there, they'll have to turn to the few honest operators that are left standing.