Los Angeles, CA · Member since 2017 · 12 posts · 2 votes
"Experts warn that wholesalers and other investors are stripping longtime residents of tens of thousands of dollars in hard-earned wealth. Homeowners too often sell without knowing the real value of their home, and realize too late that they cannot afford a new place to live with cash from the deal."
This is one of many reasons why many states have made new laws that you must hold a real estate license to negotiate contracts and then market those contracts and properties to buyers acting as a middle man. Though the license in of itself does not prevent this from happening to these poor folks, it surely provides better recourse against a licensed party who does not operate above board.
And these predators claim they are providing a "service" LOL...but actually not for the sellers that get swindled out of their equity. I have talked to State of Florida investigators with the DBPR and they call these sellers "VICTIMS".
This is one of many reasons why many states have made new laws that you must hold a real estate license to negotiate contracts and then market those contracts and properties to buyers acting as a middle man. Though the license in of itself does not prevent this from happening to these poor folks, it surely provides better recourse against a licensed party who does not operate above board.
Then it's those wanna bes that take a crash course from some Facebook ad and think they know enough to make a quick buck to screw someones/families life savings..