Anyone heard of realpro?

28 Replies

Has anyone done business with "realpro"? I'm interested in a property they have, but not sure if they're on the up and up. I receive daily emails from them. It seems like they're wholesalers on some deals and others seem to be listed. You can never be too sure these days, so I thought I would put it out to all of you. I appreciate any response if you have any experience and/or knowledge of this company.

@Diane Calderaro I did not complete any transaction with them before but I did reach out to one of their agents to inquire several properties that they listed.  The agent did not seem pushy at all, just answered my questions directly, and never tried to contact me non-solicited.  If you found any interesting listing on their website, you just need to register for a free account and ask your questions away.

Hi Diane - I'm looking at a few properties listed by RealPro as well. Any additional thoughts/insights you have on this company would be greatly appreciated. So far the individuals I've dealt with have been very helpful and forthcoming, but they're requiring me to sign a confidentiality non-circumvention disclosure agreement for one of the properties I'd like more information on. Not sure how to feel about this.

Rosemarie

I haven't received any replies from people that have used them. Just from people who have heard of them. I would not be concerned about signing a confidentiality non-circumvent disclosure. They're just trying to protect themselves to make sure they get paid their commission. However, I am also a Realtor and would say that if you have a Realtor that you know in the area of the property, ask him/her to see if it's listed. If so, maybe you can get some representation from the Realtor. I have noticed that some of their properties are listed.

@Diane Calderaro hi I was wondering the same thing about real pro , I’ve been following them for the past 2 years the only thing that is throwing me off is the properties listed have all been on there for the past 2 years , so that was kinda suspect. I was hoping to hear someone that had done business with them 

they have some properties looks really good number wise and also like how most of their properties are investment oriented and cashflow focused, but the major suspect is they are telling me none of their properties won't be shown until and offer is accepted and inspection done! really ? What makes even stink more is their escrow terms kinda tricky you have to say no before "inspection period ends". She just explained to me if you say no literally next day your escrow money 10% (which is also a ridiculous number) is GONE. I guess even if its not gone gone, are you ready to fight against their in house pet lawyers? What if their inspector is super lazy sending the report or takes more time probably would be their people I guess. Who buys properties like that? Am I thinking too crazy ?Any idea? Anyone has actually seen any of their properties before making offer or actually purchased from them?

@Diane Calderaro did you end up doing a deal with them? I've been following them for some time and about to put in an offer on a deal.

Also curious if anyone has found any other investment firms that are like RealPro?

@Josh Thomas do you mind sharing some of the numbers of the deal and the rate/terms you getting? Hate to ask but last time I checked they were like we only considering our own finance with hard money lender who are obviously super crazy rates with points and stuff. I am also considering one of the properties thats why was curious

I am not looking at one particular property at this time. I was talking in general about this company. I have seen offers come in that seem to look like good deals, but I haven't pursued any as I am cautious about them. It seems like it could be too good to be true. If they were great deals I wonder why they don't sell quickly. That's why I put it out to everyone hoping someone actually has done business with them and has some input to offer.

@Imran Ahmed I was looking at a 54-unit apartment building in the middle of nowhere Texas. The building looked great and the numbers were off the charts after a year's worth of work to get it stabilized. I was a little hesitant since the town had population trending downwards, but before I had time to put an offer together it was already under contract. Guess I need to move faster next time.

Originally posted by @Imran Ahmed :

@Josh Thomas do you mind sharing some of the numbers of the deal and the rate/terms you getting? Hate to ask but last time I checked they were like we only considering our own finance with hard money lender who are obviously super crazy rates with points and stuff. I am also considering one of the properties thats why was curious

Hello! 

@Imran Ahmed

I work for the company. 

We do work only with cash and hard-money. That's because we close quickly (14 days). We do have private lenders in the back ground, but you can use your own. However, if your funding falls through you would use ours as backup. These loans are designed to get you into the property, with the intention that you will refinance as soon as possible. 

Let me know if you have any other questions :) 

 

Originally posted by @Imran Ahmed :

they have some properties looks really good number wise and also like how most of their properties are investment oriented and cashflow focused, but the major suspect is they are telling me none of their properties won't be shown until and offer is accepted and inspection done! really ? What makes even stink more is their escrow terms kinda tricky you have to say no before "inspection period ends". She just explained to me if you say no literally next day your escrow money 10% (which is also a ridiculous number) is GONE. I guess even if its not gone gone, are you ready to fight against their in house pet lawyers? What if their inspector is super lazy sending the report or takes more time probably would be their people I guess. Who buys properties like that? Am I thinking too crazy ?Any idea? Anyone has actually seen any of their properties before making offer or actually purchased from them?

 Hello again,

We do require that all offers be accompanied by a 10% escrow deposit and a contract. The deposit is refundable until the end of the inspection period, or if the offer isn't accepted. We have this policy to help weed out wholesalers and buyers who are not serious. 

We use a local, third party, attorney for the escrow deposit, because he refunds the deposit immediately if requested within normal business hours, or the next day if requested outside of business hours. 

You can use your own inspector, but we do offer to help finding inspectors to those who ask. 

You can walk around any property, but if they are tenant occupied then they do need to be under contract in order to get inside the units, as we do not want to disrupt the tenants more than we need to. 

Hello again,

Real Pro has been in business for over 20 years and closed over 8000 transactions. 99.9% of our clients are happy. Our contracts are strict and deposit is non-refundable after the inspection period. This is explained in detail to every client that calls our office. We recommend that you do not go into a contract unless you are absolutely plan on closing.

Erroll McDaniel attempted to purchase a property from us in Detroit but failed to close after 3 extensions. The initial contract stated that earnest deposit was non-refundable after inspection. Erroll agreed to this and reassured us that closing will take place. Our company ended up purchasing the property to accommodate Erroll and incurred many additional costs, which exceeded the price increase that Erroll agreed to at a later time. 

What was supposed to be a quick deal turned into a nightmare for us. The last addendum that was signed (please see image at the bottom) made it very clear that there will be no more extensions and that deposit is non-refundable. Erroll reassured us again that the deal will close. Erroll choose not to show up at the closing after his financing was approved. Lender even wired the funds to the closing agent. Erroll's reasoning was that he did not have a good feeling about the transaction.

After he defaulted for the last time, our office tried to contact him for 2 weeks to close this deal. We offered him our backup financing after his lender's funds were returned by the title company but he would not respond to us. Instead he hired an attorney that tried to threaten us with bogus lawsuits which were never filed. His last attempt at getting his deposit back was a threat of bad reviews online. 

We understand that problems arise in real estate transactions but our communication with Erroll was extremely difficult. We've had clients default a couple of times in the past and we successfully moved their deposit to other properties which were a better fit. Our office has not done anything wrong or tricked anyone in anyway.

Let me know if you have any more questions :) We can provide additional proof if anyone wishes to look at correspondence between the parties. 


Originally posted by @Imran Ahmed :

@Erroll McDaniel so sorry to hear. Yeah I've been in contact with them couple times and none of their terms didn't make sense , sitting their hungry to get your money and high interest. Hope you win your case soon

Hi Imran,

You are welcome to get your own financing and use ours as backup option :) 

Our financing is guaranteed and requires no appraisals or inspections. It is meant to be used only as a bridge loan, until you can refinance. Most of our clients are able to refinance within 6 to 8 month. If you are having difficulty refinancing and need more time, you can just continue making the payments, as long as payments are done timely. 

Most of hard money lenders call their mortgages at the end and demand high fees to reinstate the loans or increase their interest rate at the closing table. If you choose to take our financing, you will be offered exactly what we promised initially. If it is higher than what is promised, you can walk away from the transaction and receive a refund of your earnest deposit.

You can also do a cash deal instead, but hard money allows you to build your portfolio faster :)

 

Originally posted by @Rosemarie Tolliver :

Hi Diane - I'm looking at a few properties listed by RealPro as well. Any additional thoughts/insights you have on this company would be greatly appreciated. So far the individuals I've dealt with have been very helpful and forthcoming, but they're requiring me to sign a confidentiality non-circumvention disclosure agreement for one of the properties I'd like more information on. Not sure how to feel about this.

Hi Rosemarie,

The properties that require an NDA and a confidentiality agreement are completely off market. They have to be kept confidential and you can purchase those at a discount before they hit the market :) 

If you do not feel comfortable signing the document then unfortunately we are unable to share the details with you on those particular properties. You can wait until it hits the market but the price will increase.

I hope this answers your question. Feel free to contact our office and we will be happy to explain it to you in detail :)

Originally posted by @Bailey Depping :

Hello again,

Real Pro has been in business for over 20 years and closed over 8000 transactions. 99.9% of our clients are happy. Our contracts are strict and deposit is non-refundable after the inspection period. This is explained in detail to every client that calls our office. We recommend that you do not go into a contract unless you are absolutely plan on closing.

Erroll McDaniel attempted to purchase a property from us in Detroit but failed to close after 3 extensions. The initial contract stated that earnest deposit was non-refundable after inspection. Erroll agreed to this and reassured us that closing will take place. Our company ended up purchasing the property to accommodate Erroll and incurred many additional costs, which exceeded the price increase that Erroll agreed to at a later time. 

What was supposed to be a quick deal turned into a nightmare for us. The last addendum that was signed (please see image at the bottom) made it very clear that there will be no more extensions and that deposit is non-refundable. Erroll reassured us again that the deal will close. Erroll choose not to show up at the closing after his financing was approved. Lender even wired the funds to the closing agent. Erroll's reasoning was that he did not have a good feeling about the transaction.

After he defaulted for the last time, our office tried to contact him for 2 weeks to close this deal. We offered him our backup financing after his lender's funds were returned by the title company but he would not respond to us. Instead he hired an attorney that tried to threaten us with bogus lawsuits which were never filed. His last attempt at getting his deposit back was a threat of bad reviews online. 

We understand that problems arise in real estate transactions but our communication with Erroll was extremely difficult. We've had clients default a couple of times in the past and we successfully moved their deposit to other properties which were a better fit. Our office has not done anything wrong or tricked anyone in anyway.

Let me know if you have any more questions :) We can provide additional proof if anyone wishes to look at correspondence between the parties. 

 

The fact that real pro has to right a page trying to explain should tell you something. They tried to sale me a property they did not own or control. Read one of their contracts. You will see how gangster they are. 

@Bailey Depping you just contradicted yourself up top you said you only take cash and hard money loan but now saying I can bring my finance even then how thats gonna work with your other req that after inspection I can't get my earners money back if I dont like what I find or be able to renegotiate ? People do inspection for a reason and if I can't back out with my earnest money after that why would I even do that ? I like doing inspection and appraisal. Why would somebody have to lose there earnest money on unseen/uninspected property that is backed by your greedy hard money lender trying to trap the buyer with 10% earnest money? I could do another downpayment with it for another property

Originally posted by @Imran Ahmed :

@Bailey Depping you just contradicted yourself up top you said you only take cash and hard money loan but now saying I can bring my finance even then how thats gonna work with your other req that after inspection I can't get my earners money back if I dont like what I find or be able to renegotiate ? People do inspection for a reason and if I can't back out with my earnest money after that why would I even do that ? I like doing inspection and appraisal. Why would somebody have to lose there earnest money on unseen/uninspected property that is backed by your greedy hard money lender trying to trap the buyer with 10% earnest money? I could do another downpayment with it for another property

You can bring your financing as long as it is a private loan which can close within two weeks, then yes. We just don't work with bank financing as that takes a long time. If your private financing fails, you can use ours as a backup. If we are unable to get you financing at promised terms, then you can cancel the contract and get your earnest deposit back. My apologies, I should've clarified that.

I am not sure what you mean by your statement about loosing the earnest deposit on an uninspected property. During your inspection period, you can order inspections/appraisals and cancel for any reason whatsoever. You will get your earnest deposit back immediately and that is a guarantee. After the inspection period, you have committed to purchase the property and deposit is non-refundable. By then, you have completed your inspections. If your financing fails, our financing is available as a backup. 

You are welcome to seek other properties from other companies/agents. We are not interested in keeping earnest deposits. That is simply a guarantee that transaction closes. You should not sign a contract unless you are fully committed to closing.