Bad Wholesalers - Why we will all be getting licensed soon.

[Chris Gordon]

I am just amazed at the incompetence of some wholesalers. 

Last night I put under contract a house in Ky that "Sincere Home Buyers" of Georgia backed out of yesterday. I don't mind putting their name out here.

The sellers were supposed to close on their dream house next week contingent to selling this subject property. While I talked to them they bounced from tears to panic. The texted explanation from the wholesaler? Couldn't find a "partner" to buy the house. However this realization was made very last minute, and well beyond the month-long inspection period they specified.

They offered > 4x what I offered. Their offer was asinine. Their offer was totally ignorant, irresponsible, and put these folks in a terrible position.

Wholesalers, if you don't understand the local market, don't understand the property condition, and don't intend to honor your own contract, then stop doing business. Your incompetence creates huge issues for sellers who typically need solution to a problem and is unethical. You are the reason we get a bad name and justifiably are seeing legislation requiring licensure.