Wholesaler failed to close, what can i do? Pinpoint offers

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Wholesaler failed to close, what can i do? Pinpoint offers

Lilly Fang
Member since 2018 · 89 posts · 26 votes

Pinpoint offers (the wholesaler) failed to close escrow. The seller was still in the house. Pinpoint said it’s clearing a title issue. Someone in their own team said the seller was waiting to close her purchased home. I requested a clear and definite date of close. They said they are actively working to clear title and can’t give a clear date.

I already had contractor lining up for the work and now had to inform them the delay. 

I can’t let this delay indefinitely since I am going abroad for a month in June. I can’t sign the closing document while I am traveling from country to country.

What can I do? Can I give them a deadline? If no closure by 5/10, I have to cancel the contract. Should I get a real estate attorney? If so, any recommendations in California.

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  • Lilly Fang
    OP
    Member since 2018 · 89 posts · 26 votes
    2y

    what's the difference? It says the property:

    Assignment Agreement

    Property Address: XXXXX, CA xxxxx

    Effective Date: 04/11/2024

    Escrow agent is hereby instructed and directed by PINPOINT OFFERS USA (“Assignor”) that the

    Assignee(s) in the above referenced escrow is/are PATRIK INDERBITZEN AND XIN FANG 2024

    TRUST (“Assignee”), and you are hereby instructed to treat said Assignee(s) in all respects as though they

    were the original purchaser(s) to said escrow

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  • Lilly Fang
    OP
    Member since 2018 · 89 posts · 26 votes
    2y

    Can I send a demand to close escrow form? The problem is on the form, it's seller and buyer. However, the contract I have is assignment agreement. The seller is the seller, but the buyer/assignor is PinPoint, I am the assignee. 

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  • Lilly Fang
    OP
    Member since 2018 · 89 posts · 26 votes
    2y

    Thank you so much for the explanation. I didn't know this.

    We just bought an off-market property as an assignee with a local wholesaler, which went smoothly. Now, we are dealing with PinPoint. I have seen their contract with the owner, which states the closing date is 4/22. The document is titled as:

    REAL ESTATE PURCHASE AGREEMENT – ESCROW INSTRUCTIONS 1. PARTIES: Seller: RQ

    Buyer: PINPOINT OFFERS USA, and/or assigns,

    2. PROPERTY: address xxxx

    And PinPoint even listed this house on MLS. They advertise it on Zillow, Redfin, and their own email listing. From what you said, this is illegal. They probably didn't have a listing agreement with the seller.

    This is something I can report to Ca Department of Real Estate, and AG office. It will be fun, haha.

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  • Lilly Fang
    OP
    Member since 2018 · 89 posts · 26 votes
    2y

    oh I just read their purchase agreement with the seller, it seems they did get POA to do anything with the house. I believe the seller didn't understand it.

    10. MISCELLANEOUS: Seller agrees to allow Buyer to potentially utilize partnerships, joint ventures, the multiple listing service, and/or novate this agreement with no change to the price or terms of this transaction. As such, Seller grants Buyer limited and specific authorization as its attorney in fact to potentially advertise the property and execute any documents including listing agreement(s), disclosures, cancellations, sales contracts and addendums. This authorization may be revoked when the above stated transaction has been successfully closed or completed.

    11. DEFAULT: This is a legally binding contract for the Purchase of the Real Estate described above. In the event Seller fails to close the sale of the subject property pursuant to the terms & provisions of this Agreement, Buyer shall be entitled to pursue legal recourse for specific non-performance and shall be entitled to compensation for any costs associated with such actions, including but not limited to escrow fees, title fees, attorney fees, court fees, etc.

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  • Ryan KellyBusiness Member
    Real Estate Broker · Austin, TX · Member since 2018 · 1k+ posts · 1k+ votes
    2y

    @Lilly Fang I recommend getting legal advice at this point. Most contracts will have a specific closing date agreed upon, which can also be amended with agreement between the buyer and seller. You are not legally either party to the original contract as best I can tell. See what your options are and make a decision with legal assistance.

    [email protected]512-674-5478
    Ryan Kelly Group - Keller Williams5112 Reviews
    WebsiteView Page
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  • Lilly Fang
    OP
    Member since 2018 · 89 posts · 26 votes
    2y

    Thank you everyone. I am contacting my legal insurance.

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