Investor · Atlanta, GA · Member since 2010 · 64 posts · 9 votes
A wholesaler approached me about a group of properties that I may or may not have interest in purchasing. I do not know this wholesaler and they approached me but they want me to sign an NDNC agreement prior to releasing the address for me to inspect.
Further, I asked them to send over their NDNC and they dont have and asked me to find one and send to them this morning.
I am on any buyers list and have properties sent to me everyday to evaluate. I dont think I have been presented these properties because of the area but, if I have been presented, I wish to remain loyal to first wholesaler and avoid any trouble because I signed a NDNC.
I would point out to the guy that if he wants to have a NDNC agreement signed but doesn't have one to give you why would you think he has done due diligence on the property or actually has control over it.
Never thought about the aspect of maybe someone else would have already sent me the property. I would pretty much just tell them that you already have seen that lead and send them the info you already had and say that the NDNC was isn't valid. If that is true or not won't matter since this guy clearly has no idea what he is doing.
I always just sign the stupid things when they send them to me (rare). Of all the horrible "deals" I have had wholesalers send me these are always among the worst. They are also have almost all been crap on the MLS that they found on Zillow. I'd be willing to bet a few bucks that this guy is doing something similar.
If he wants a non-disclosure signed by you, he should be happy to send you one. I wouldn't jump through hoops for him. Honestly, to me, it just doesn't sound professional.
On the other hand, maybe this is how he is trying to weed out tire kickers. Are you a serious buyer and have the cash to buy it?
I had an issue with a lead I had gotten from a wholesaler that I work with on my last purchase and this is my big problem with wholesalers in general. I got the lead and had some interest. A couple days later another wholesaler said that they had a property in my specific area. It was the same property that the first wholesaler had, but, it appeared to me like he was marketing like he had it under contract. I know that some of these guys work together and help each other out, but I think that stuff should be disclosed (i.e. "I'm helping someone out on this one"). At least once a week, I get emails of the same property from different wholesalers. Anyways, I think this is one of the many reasons wholesalers get a bad reputation.
I would point out to the guy that if he wants to have a NDNC agreement signed but doesn't have one to give you why would you think he has done due diligence on the property or actually has control over it.
Never thought about the aspect of maybe someone else would have already sent me the property. I would pretty much just tell them that you already have seen that lead and send them the info you already had and say that the NDNC was isn't valid. If that is true or not won't matter since this guy clearly has no idea what he is doing.
I always just sign the stupid things when they send them to me (rare). Of all the horrible "deals" I have had wholesalers send me these are always among the worst. They are also have almost all been crap on the MLS that they found on Zillow. I'd be willing to bet a few bucks that this guy is doing something similar.