Multiple Wholesalers sent the same "exclusive deal"

12 Replies

I'm curious how I should handle the situation.

Obviously I want to keep my relationship with both and my professionalism to the max - what should I do as an investor when two wholesalers send me the same deal?

Do you have any special relationship with either of the wholesalers?  If not, which one is selling it for cheaper?  If you have no obligation to either of the wholesalers, why not just purchase from the one selling it for cheaper? Am I missing any more pertinent information here?

214‑690‑9010

How can 2 wholesalers have the same deal? A wholesaler must have a property under contract before they can market it. 2 people can't have the same contract unless they are partners and both have their names (LLC's) on the contract. Find out which one REALLY has the property then buy from them.

This happens all the time in my area. I get emails from probably 5 or 6 "wholesalers" with the same deal. Most of the time it's a property straight off the MLS that is advertised at about $2,000 below list price. I've had these "deals" come across that are still active on the MLS! They seem to share all of their deals with each other and whoever brings the buyer gets half of the assignment fee.

Originally posted by @Ben Leybovich :

Which one has it under contract - go with that one :)

 Quite possibly neither, they may both be rebroadcasting - and marking up - someone else's deal.

Medium greenapartmenthires 1024x1024Roy N., Louer Louer Ltd. | 1.506.471.4126

Damn it @Ben Leybovich  , I keep running out of votes for you. You'd think as a moderator they would give me more that two bullets. I guess they think I am Barney Fife. 

Which one has it under contract - go with that one :)

and @Roy N. wrote

Quite possibly neither, they may both be rebroadcasting - and marking up - someone else's deal.

I think it is kind of fun to offer to buy from the guy that doesn't have it under contract and watch them try to scramble to get the deal done. This is really fun when they are trying to re-market a deal that you are the original seller.

Medium crab1 copyNed Carey, Crab Properties LLC | http://baltimorerealestateinvestingblog.com/

In my experience this is either a property that is already on the MLS or they are a "team" of wholesalers. Either way it's probably a junk lead anyway.

Medium rzt hc 6483Michael Noto, SalCal Real Estate Connections | [email protected] | 860‑384‑7570 | https://www.zillow.com/profile/Mike-Noto/ | CT Agent # RES.0799665

Should I just ignore the lead?  Or should I explain to each of them individually why it's not what I'm looking for?

I know with a broker I would take the time to explain it to them.

Originally posted by @Ned Carey :

Damn it @Ben Leybovich  , I keep running out of votes for you. You'd think as a moderator they would give me more that two bullets. I guess they think I am Barney Fife. 

Which one has it under contract - go with that one :)

and @Roy N. wrote

Quite possibly neither, they may both be rebroadcasting - and marking up - someone else's deal.

I think it is kind of fun to offer to buy from the guy that doesn't have it under contract and watch them try to scramble to get the deal done. This is really fun when they are trying to re-market a deal that you are the original seller.

Ned:

Fun is when you offer to buy from both, neither of whom have the deal under contract, and, eventually, the *real* wholesaler calls you to cut-out the middlemen  {I never did figure out which one of the first two was sill enough to disclose the name of his buyer}.  

Despite the entertainment value, the property itself turned out to be not much of a deal.

Medium greenapartmenthires 1024x1024Roy N., Louer Louer Ltd. | 1.506.471.4126

#daisychain 

Someone is lying...