Scammed by Investor San Diego
Looking for help with my situation.
I am selling my rental in San Diego and received all cash as is offer of $320,000 from investor/agent. We signed the purchase contract 7/11/2019 and scheduled to close on 9/3/2019 when the current tenant moves out. Escrow was opened with $1000 deposit. I was surprised to see my rental is now listed on mls for sale $359,000 and the buyer acting as my agent.
I feel I have been scammed. It looks like his intention was to purchase only if he found a buyer.
Now the buyer is telling me he is not going to complete the purchase. Contract states "PROPERTY TO BE SOLD AS-IS. ALL CASH OFFER". No contingencies. Can the buyer just cancel the purchase contract? Is there anything I can do?
Most Popular Reply
You got "scammed" by a wholeseller. If you take away this topic, bigger pockets turns into a site with 4 posts a day. It's "illegal" (at minimum against the MLS rules) for them to list your property without a listing agreement. But yeah, they're trying to put properties under contract for $x, find a buyer for $x+$y, make $y on the double close. The fact they said "all cash" "no contingencies" is meaningless. They're not going to close. Take your $1000 and get a new renter in there.
If I was selling a house with a renter, I would ***NOT*** agree to remove the renter prior to closing unless I had hard earnest money of at least 5x the rent amount.