good thing you didnt fall for it.
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Wholesales Forum |
"How to's" of wholesaling, including bird dogging, assigning contracts, and success at auctions.
Topic: Be Skeptical of Unethical / Untruthful Sellers / Wholesalers
| Started: 2/05/10 | Current Grade: A- |
| Posts: 3 | Topic Type:  |
Hello Everyone,
My name is Manny (Manolis) with New Haven Homes, LLC. I just wanted to share a quick story with you all because I almost fell for a scam that someone else was trying to pull on me. I will tell this story without mentioning any names, as that is not what I am trying to do with this story.
We currently have an option contract on a property on 400 Newhall Street, Hamden. See the deal on our blog at http://newhavenhomes.wordpress.com/c...for-investors/.
A phone call came in from another wholesaler claiming to have a contract on the property. He began to ask me all these questions trying to figure when we got the property under contract, what our price was, basically shady questions that you wouldn't or shouldn't really ask somebody. I simply handled the situation as follows: Lets meet up and check each others contract to see who had the right to the property first. He would not budge, and would make up any excuse to not tell me anything about his contract. This made me very suspicious, and we ended the conversation right there.
The bottom line too this story is two fold:
1. Never relinquish too much information to someone asking too many questions. A true wholesaler or buyer will want to know answer to what would make the property a deal for them, such as repairs and comps. If they start asking you about contract questions, including your price, length you have left, etc, it may be someone fishing to go behind your pack on the deal. ALWAYS VERIFY if another investor claims to have a contract as well.
2. From this point forward, we are either going to alter our contracts to have a remedy if a seller signs additional contracts, or we may even record our option in the town records to ensure that the seller can't go around signing multiple contracts.
The resolution to this was that we determined that our contract was sooner than this other wholesalers, and we are on the verge of getting a few offers on it.
Hope this pitfall helps others in their quest to wholesale real estate.
Kind Regards,
Manny
New Haven Homes, LLC Blog
Buyers List Website
My name is Manny (Manolis) with New Haven Homes, LLC. I just wanted to share a quick story with you all because I almost fell for a scam that someone else was trying to pull on me. I will tell this story without mentioning any names, as that is not what I am trying to do with this story.
We currently have an option contract on a property on 400 Newhall Street, Hamden. See the deal on our blog at http://newhavenhomes.wordpress.com/c...for-investors/.
A phone call came in from another wholesaler claiming to have a contract on the property. He began to ask me all these questions trying to figure when we got the property under contract, what our price was, basically shady questions that you wouldn't or shouldn't really ask somebody. I simply handled the situation as follows: Lets meet up and check each others contract to see who had the right to the property first. He would not budge, and would make up any excuse to not tell me anything about his contract. This made me very suspicious, and we ended the conversation right there.
The bottom line too this story is two fold:
1. Never relinquish too much information to someone asking too many questions. A true wholesaler or buyer will want to know answer to what would make the property a deal for them, such as repairs and comps. If they start asking you about contract questions, including your price, length you have left, etc, it may be someone fishing to go behind your pack on the deal. ALWAYS VERIFY if another investor claims to have a contract as well.
2. From this point forward, we are either going to alter our contracts to have a remedy if a seller signs additional contracts, or we may even record our option in the town records to ensure that the seller can't go around signing multiple contracts.
The resolution to this was that we determined that our contract was sooner than this other wholesalers, and we are on the verge of getting a few offers on it.
Hope this pitfall helps others in their quest to wholesale real estate.
Kind Regards,
Manny
New Haven Homes, LLC Blog
Buyers List Website
---
Kind Regards,
Manolis "Manny" Sfinarolakis
Kind Regards,
Manolis "Manny" Sfinarolakis
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# 1
Posted: 02-08-2010
Current Grade:
B
# 2
Posted: 02-08-2010
Current Grade:
A-
Hi, good going! Now get a Notice of Option recorded asap! Good Luck, Bill
# 3
Good old CT!
Posted: 08-28-2010
Current Grade:
B
Looks like CT is known for "shady-business". That is how my first deal fell through in 2007. Great deal , a lot of equity , contract signed by seller. Quinnipiac Ave near the water. A buyer asks too much info,went behind my back and made me look like a "scam artist". Made her frown upon wholesalers. My buyer and I just shook our heads and walked away from the deal!! That really turned me off to working in my area.
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