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Ana G.
  • Wholesaler
  • Miami, FL
149
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202
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Sticky Situation with Wholesaler on My Property

Ana G.
  • Wholesaler
  • Miami, FL
Posted Apr 24 2015, 14:06
This is a bit of a sticky situation that I need help with. Sorry for the long post: On April 6, I got a property under contract. A couple of hours later, I sold the contract to an "investor" (who I lowered my sale price by 10k for) in the form of a double contract. Contracts are sent to closing attorney the same day. It was my first property so I thought nothing of the $500 deposit he stated in his contract. A week later, he says his "lending partner" needs to see the property. I agree thinking it was a HML. I call my buyer to see what the results were. No response. I call the attorney who says he hadn't spoken to him in 2 days. I call his "lending partner" who says YES I WANT IT BUT I WANT IT AT $2,500 LESS. Meanwhile, I'm sending my "cash buyer" emails and texts saying "Do you want the property for sure? Have you made an ultimate decision on the closing date? When are we closing?" No response. Finally it's 14 days later, no deposit from my cash buyer has been sent in to attorney, no closing date has been specifically other than the contract expiration of April 30. So I call his "lending partner" and say 'listen, I haven't gotten any response from my buyer and he hasn't sent in a deposit. Let's sign a contract'. So we sign a new p&s contract and I send my then unresponsive " cash buyer" an email stating the cancellation of my contract. He emails back immediately saying "why? You can't do that. We signed a contract." (He still hasn't sent in deposit of $500 or set a closing date) So I say fine I'll cancel the second contract and ours is still intact. Now 5 days later, he sends the deposit and the attorney BEGINS TITLE SEARCH?! (apparently no title search has been going on for like 3 weeks since we sent him all the contracts) WTF??!! Now it's TWO MORE WEEKS to close at a MINIMUM if he even has the cash he claims (I mean it took that long for a small $500 deposit. Imagine over 100k home price) So I google the property because I'm paranoid and it's being sold online by other people at $35k more than our contract price and I realize this "cash buyer" of mine is wholesaling my property! What can I do? What are my choices? What should I do?? And he's even a mentor/coach in my city. I can't believe he would tie up my property like that!! I need help :((.

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