The Ugly Side of Wholesaling
5 Replies
Wesley Brown
from Los Angeles, CA
posted about 1 year ago
"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."
https://www.ajc.com/news/buy-h...
Mitch Messer
Rental Property Investor from Atlanta, GA
replied about 1 year ago
Jason Dicken
from Indiana
replied about 1 year ago
Sad situation
John Thedford
Real Estate Broker from Naples, FL
replied about 1 year ago
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".
Will Barnard
(Moderator) -
Developer from Santa Clarita, CA
replied about 1 year ago
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.
Hai Loc
Specialist from Toronto, Ontario
replied about 1 year ago
It's so sad
First its those poor sellers trusting these fools
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..