Commercial Property. FIxing the "joker broker" problem
Recently, I got a call from an off-market rep (wholesaler), she was holding a POF (proof of funds) and LOI (Letter of Intent) on a property in Florida that her buyer wants. The "rep" (joker broker, one who can't deliver what's promised) that brought her the deal couldn't deliver the seller. She called me in desparation. Can I save the deal?
Yes, yes I can. Armed with the Proof of Funds and Letter of Intent, I called the seller directly (this part is the hardest. finding the decision maker) and said I have an offer...will you sell. Turns out they had no intention of selling the property, but were open to an offer anyway. This means the Joker Broker had broken alot of laws listing a property they had no legal interest in or permission to market, but not my problem.
Shortly thereafter, we got buyer and seller on the phone, and they began negotiating the deal. Provided all due diligence passes and is done, I expect a close sometime in March.