Attention Wholesalers: Beware!!!

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Wholesaling is an EXIT strategy, not an ACQUISITIONS strategy. But many, many broke people are trying to use it as an acquisitions strategy.

If everyone was honest and fulfilled their commitment to homeowners it would not even be an issue.  The issue is there are so many gurus out there teaching broke people to become wholesalers, and more and more homeowners are being screwed over by the wholesalers who represent themselves as "cash buyers" when they have no intent or ability to close, they're only intent is to try to wholesale to an end buyer and if they cannot they walk away by using escape clauses that were never intended for that purpose.  

I've purchase several properties from homeowners who were extremely desperate after a wholesaler came in and contracted to purchase their home, and they in turn felt the sell was going to happen because the wholesaler promised to close by set date, and then the homeowners turn around and purchase another home to move to, and then the wholesalers are unable to find an end buyer and had no ability to close in the first place, so the homeowner gets stuck with two properties, or two mortgages.  That's a problem that needs to be stopped.  And if that means all wholesalers have to get licensed, so be it.  There needs to be something in place to protect all parties involved.

My 2 Cents which ain't worth a penny!!

Originally posted by @Jeff Filali :

Wholesaling is an EXIT strategy, not an ACQUISITIONS strategy. But many, many broke people are trying to use it as an acquisitions strategy.

If everyone was honest and fulfilled their commitment to homeowners it would not even be an issue.  The issue is there are so many gurus out there teaching broke people to become wholesalers, and more and more homeowners are being screwed over by the wholesalers who represent themselves as "cash buyers" when they have no intent or ability to close, they're only intent is to try to wholesale to an end buyer and if they cannot they walk away by using escape clauses that were never intended for that purpose.  

I've purchase several properties from homeowners who were extremely desperate after a wholesaler came in and contracted to purchase their home, and they in turn felt the sell was going to happen because the wholesaler promised to close by set date, and then the homeowners turn around and purchase another home to move to, and then the wholesalers are unable to find an end buyer and had no ability to close in the first place, so the homeowner gets stuck with two properties, or two mortgages.  That's a problem that needs to be stopped.  And if that means all wholesalers have to get licensed, so be it.  There needs to be something in place to protect all parties involved.

My 2 Cents which ain't worth a penny!!

i got an offer from a wholesaler the other day it went like this.

he cold calls me I answer by mistake but hear him out .. he says he wants to buy two houses from me.. I say OK then the game starts how much to you want he says I say how much will you pay.. he wont say.. then I say OK i think they are worth 100k each.. he huffs and stuff and says they are only worth 30k max.. I say fine i will take 30k each then... then he back tracks and says well he cant pay that much but he can pay 15k.. so I say fine send me a contract for 15k.. he then sends me one.. its got a whopping 25.00 EM and no POF even though i asked him for one and a 45 day close.. I asked him why so long if your a cash buyer.. he says he has not seen it yet.. LOL.. I said call me back when you get real and ended that conversation he e mails me numerous more times with his sales pitchs etc.. I finally said dude i know your a wholesaler i know you have no money to close since you cant seem to send me a simple POF of a bank statement.. so when you can call me back.. never heard from him again.

I was looking at a property in INDY yesterday... nice wholesaler offered me 25k on.. walked two doors down and that house was listed at 199k.. and my house just needs carpet and paint and yard work... but this guy keeps telling me thats all its worth..

so out of state LLC = dumb @@SS seller low ball etc etc.. I then today met with a realtor on one of my Indy deals and she brings me comps and says put the carpet and paint in and finish kitchen and I can comp it but we can expect 185 to 195k.. so more value in that she is trying to maximize my return.. not take my equity

The public NEEDS to be protected from this group!

@John Thedford I am not sure which "Group" you are referring to but I assume you mean wholesalers.  I am part of the group so you are insulting me. I am getting a little tired of your extreme and sometimes misleading position. Yes wholesaling may be illegal in your state but it is not illegal in mine.

In your many posts you act as if all wholesalers are doing harm, and none have ever done any good. AND you act as if no agent has ever done harm to a client. If you want to rant against wholesalers (or anyone) taking advantage of people, I would support you. To paint all wholesaling with a broad brush that wholesaling is both harmful and illegal is simply factually untrue. 

John if you want to quote the FL law 475.43.. You are not only allowed but encouraged to do so. You are providing a service to the readers here. If you or anyone wants to use one piece of information to paint with a broad brush and mislead, you are doing a dis-service to the readers here.

Originally posted by @Ned Carey :
The public NEEDS to be protected from this group!

@John Thedford I am not sure which "Group" you are referring to but I assume you mean wholesalers.  I am part of the group so you are insulting me. I am getting a little tired of your extreme and sometimes misleading position. Yes wholesaling may be illegal in your state but it is not illegal in mine.

In your many posts you act as if all wholesalers are doing harm, and none have ever done any good. AND you act as if no agent has ever done harm to a client. If you want to rant against wholesalers (or anyone) taking advantage of people, I would support you. To paint all wholesaling with a broad brush that wholesaling is both harmful and illegal is simply factually untrue. 

John if you want to quote the FL law 475.43.. You are not only allowed but encouraged to do so. You are providing a service to the readers here. If you or anyone wants to use one piece of information to paint with a broad brush and mislead, you are doing a dis-service to the readers here.

 My posts refer to FL. One of the investigators with the state said most of the "VICTIMS" of these operators are the elderly and non-English speaking residents. I personally have met with several people that were being victimized by these types of operators. I hope the state further tightens the regs on licensed agents as well. 

Originally posted by @Marian Smith :

Florida has elderly and immigrants, two populations that need protection with their largest and sometimes only asset. I posted a year or so ago when a “friend/neighbor” wholesaled his barely English speaking neighbors’ dilapidated trailer house and made 16k on the 60k deal. The wholesaler’s brother is a realtor, which is probably why he/they were contacted. But no 6% mls listing happened. Somehow it was a sign out front with the wholesaling brothers phone number on it. Should there be laws regulating how this particular sale should have gone? 6% on mls or private sale with over 25% commission?

This is why we need more oversight on these operators. They claim it is a "service" while ripping thousands from owners that don't know any better. Agents can be sued for misrepresentation of value. They have accountability. An unlicensed broker has no one to answer to, and has no E&O insurance. They are using a gray area of the law to attempt to broker without a license. They know this but would never admit to it. Bill Gulley coined the phrase "public nuisance" referring to them. I agree.

I don't know about others, but my strategy is to help those who need to sell faster than they could do it by listing with an agent. That could be someone who has a home that's in bad shape, about to be sold at a tax deed, or someone who needs to quickly get out of a second mortgage on a house that never sold so they can get that second payment off their back. There have been several occasions where, after meeting with the seller, I let them know that I'm not the best option for them and it wouldn't be in their best interest to sell to me. I've never wholesaled a house that didn't need at least 20k in rehab. In other words, a house that would only sell to an investor even if placed on the MLS. I also have purchased or wholesaled several homes that Realtors wouldn't take on because of the condition. During EVERY conversation I have with a seller I suggest that they make the necessary repairs and list it with an agent. I know that this is their best option, and I try to encourage them to exercise that option if it's possible. If they can't or wont, then that's when I step in and see what I can do to help.

News flash for everyone: People don't buy distressed homes at a price that only allows them to break even. Those homes are purchased with a profit motive nearly EVERY time. Whether it's placed under contract by me or the rehabber, it's still going to get sold at a discount. Period. To claim that these owners are getting scammed for selling their distressed home at a price that allows the end user to make money is ludicrous. If it weren't for those investors the home would most likely continue to sit on the market until it turns back into dust, continuing to be a burden on the owner. 

There are two ways to have the tallest skyscraper in town; tear down everyone else's, or work on building your own. I'm working on my own, instead of running to the government to tear everyone else's down on my behalf. The same people that have nothing better to do than scour BP forums looking for unlicensed activity are probably the same people that report little girls for selling lemonade without a proper health department certification. Some people just lead miserable lives and feel the need to drag others down. I truly feel sorry for them.

@Jason Palmer ,

I currently buying properties and came across a wholesaler who omitted information about a property he was selling to me. That information cost me some extra money that was not calculated in the whole transaction. Since then, i stopped all deals with the person. I am looking for a new wholesaler, so if you know anyone in my area, please let me know.

@John Thedford I have personally met with many people who were victimized by Realtors, in fact they make up the bulk of owners who sell their homes to me. My question is when will regulators put a stop to these licensed criminals?

@Jason Palmer Don't waste your breath. All these criminal Realtor scum want one thing and one thing only: To eliminate private real estate sales. They dream that they will make more money that way, not knowing that the reason they can't get business is because buyers and sellers can smell their stink a mile away.

A wholesaler is not an agent. There is no agency relationship between the wholesaler and the seller and the wholesaler is acting in his or her best interest.

My above comment refers to when a wholesaler signs a PA with the Seller. Many wholesalers me included are also licensed Realtors. If you sign a listing agreement with a seller you owe them competence in valuing their property correctly and acting in their best interest. If you are purchasing the property you are acting in your own best interest.

This should not be Realtors vs Wholesalers it should be bad guys vs good guys.

This should not be Realtors vs Wholesalers it should be bad guys vs good guys.

@Andy Rumple this is perhaps the best comment of the thread. 

Sadly many people can't differentiate the difference between their own prejudices vs good and bad.


I have said this before, but I think the biggest problem for me with wholesalers is that many - maybe most - of them don't have the means or ways of actually closing on the property, and to me knowingly signing a contract without the ability to close is at best totally unethical and at worst outright fraud. Signing the contract for those types is the workaround for not getting licensed. Perhaps, instead of spending too much effort on the nuances of brokering vs. contract assignment, states could bring this out of the dark by requiring proof of funds, escrowing some percentage of the contract, etc. I think there's ways of making wholesaling clean and worthwhile, and with just a little regulation it could actually be really helpful for people with distressed properties that need a way out, right now. Like it or not, wholesaling exists because there is a market for alternatives to listing and waiting for buyers. That said, no question that most sellers would be better off financially listing the home and encouraging competition.

Originally posted by @Nate Sanow :
@Ben Leybovich

I am also curious how everyone feels about actually buying the property but re-selling the same way you would as if you assigned a contract. No flip or reno. It could add closing costs but that can be negotiated and potentially taken out of the equity that a seller may have? It would force wholesalers to have a line of credit etc, but avoid getting their license if they do not want to. Personally I see value both in being a licensed realtor (married to one) but also not being one and doing things wholesale (I am not licensed but have bought from wholesalers and have started to consider doing some assignments etc)

Nobody is questioning that type of wholesaling where you actually buy and then resell because it's 100% legal, and people are supportive of doing that type of investing on BP. That is the type of wholesaling that I prefer and is much easier if you have the money of course. But if people are assigning contracts, they should at least be able to close on it themselves in the event that the end buyer doesn't come through. 

Originally posted by @Luz Pagan :

@Jason Palmer,

I currently buying properties and came across a wholesaler who omitted information about a property he was selling to me. That information cost me some extra money that was not calculated in the whole transaction. Since then, i stopped all deals with the person. I am looking for a new wholesaler, so if you know anyone in my area, please let me know.

I'll be glad to help you in any way I can. This is one of the reasons that I encourage my buyers to perform their own due diligence and I steer clear of giving repair estimates. I don't want someone to purchase a property and then discover something that I missed and accuse me of ripping them off. Even if I do know everything about the property, my contractors estimate could be light years off from what the buyer's contractor may be. Just like any other purchase you make, you should never take someone else's word for it. ALWAYS do your own due diligence. Even if they're 100% honest, they could make a mistake and unintentionally overlook something. I have one buyer who trusts me and will buy the property sight unseen, based on just my word. Fortunately, nothing has backfired on us and we've both made money together through several transactions, but I've made it clear to him that if he chooses not to perform his own due diligence, anything that goes wrong is on him, not me. He understands and accepts that. 

Originally posted by @Ned Carey :

This should not be Realtors vs Wholesalers it should be bad guys vs good guys.

@Andy Rumple this is perhaps the best comment of the thread. 

Sadly many people can't differentiate the difference between their own prejudices vs good and bad.

I have to agree with Ned.  Great post.  

There are bad apples out there, and they aren't limited to broke people trying to get assign house contracts.

Recently in another post I told the story of the lady that was renting a nice house right across the street here in West Houston.  She got some bad renters, lost money, then more bad renters, and out of money.  Barely gets it back into a condition where it could sell (maybe). 

Now here she is at a cross roads.  She's behind a couple months on her mortgage at this point, and the house is borderline and she is clearly in distress.  Some investor (not me) offers her $125K for it, which is more than I would have offered.  So I just advised her to take it.  Instead she decided to list it, at $165K... Fixed up right it would have sold for $195K quickly, and maybe more.

The agent did his level best, and he did get a buyer!  Oh, but it doesn't pass inspection.  Hmmm.

But the agent, a good guy really, was able to find a second buyer!  By now she is up for foreclosures.  The buyer comes through, but not as fast as she needed.  Thankfully the bank agreed to stave off foreclosure a bit -- but they didn't hesitate piling on fees.

So in the end, counting all the RE agent commissions and bank fees she lost, she came out only slightly ahead of what that investor would have offered.  And it very nearly fell through again, and she took a big risk.

There are a ton of agents that are willing to list a shabby beat-up house but not a ton that are willing to put in the time showing with them and marketing them.  I mean, realtors work on commission, and they understand that pretty houses sell and that pays the bills, so no blame, no shame there.  And there are fewer that are actually able to deliver the goods and find good buyers for a 'scratch & dent' listing like this.

Wholesaling can add value, but this practice of entering into contacts that the wholesaler himself cannot complete is not a solid business practice and here is where we could see some 'regulation' introduced in some places.

However...

Don't underestimate this consideration -- city government (and maybe even county) by now has certainly recognized the additional tax revenues that local investors are bringing in.  This is especially true in those areas that depend heavily on property tax for the tax base (no income tax states).  They are unlikely to do something that would inhibit this free gift that keeps on giving, in my most humble opinion.

But wholesalers are the guys that don't have any money, you say.  Hmmm, not all of them!  A lot of buy & hold guys and flippers run in herds, and assign properties to each other, or wholesale for cash flow to keep them going full time.  And I suspect these are the voices that will get heard in city hall all across the fruited plain.

Last comment -- it costs $1000 here to take a course and then pass some test. They find some investor friendly realty and bam, now our enterprising (but broke) wholesaler buddy now has a realtors license, AND access to all the cool MLS reports that other realtors have. A little CE here and there isn't going to kill them. Now instead of 11,000 realtors running around in your city, you will have double or triple that number. Is that really what brokers/realtors want?

Originally posted by @Ned Carey :

This should not be Realtors vs Wholesalers it should be bad guys vs good guys.

@Andy Rumple this is perhaps the best comment of the thread. 

Sadly many people can't differentiate the difference between their own prejudices vs good and bad.

 Agreed. People violating the brokerages laws in this state fall into the "bad" category. Get licensed as required by law. They have no right to be above the law.

Originally posted by @Doug Pretorius :

@John Thedford I have personally met with many people who were victimized by Realtors, in fact they make up the bulk of owners who sell their homes to me. My question is when will regulators put a stop to these licensed criminals?

If they violated the laws turn them in. Agents have oversight and consequences unlike unlicensed brokers. They also have E&O insurance if you have a valid claim. If valid, they can lose their license.

Originally posted by @Doug Pretorius :

@Jason Palmer Don't waste your breath. All these criminal Realtor scum want one thing and one thing only: To eliminate private real estate sales. They dream that they will make more money that way, not knowing that the reason they can't get business is because buyers and sellers can smell their stink a mile away.

 Doug,  you gave me a belly laugh this morning thankyou.. now let me ask you   how do you really feel about real estate agents  :)

Originally posted by @Jason Palmer :
Originally posted by @Luz Pagan:

@Jason Palmer,

I currently buying properties and came across a wholesaler who omitted information about a property he was selling to me. That information cost me some extra money that was not calculated in the whole transaction. Since then, i stopped all deals with the person. I am looking for a new wholesaler, so if you know anyone in my area, please let me know.

I'll be glad to help you in any way I can. This is one of the reasons that I encourage my buyers to perform their own due diligence and I steer clear of giving repair estimates. I don't want someone to purchase a property and then discover something that I missed and accuse me of ripping them off. Even if I do know everything about the property, my contractors estimate could be light years off from what the buyer's contractor may be. Just like any other purchase you make, you should never take someone else's word for it. ALWAYS do your own due diligence. Even if they're 100% honest, they could make a mistake and unintentionally overlook something. I have one buyer who trusts me and will buy the property sight unseen, based on just my word. Fortunately, nothing has backfired on us and we've both made money together through several transactions, but I've made it clear to him that if he chooses not to perform his own due diligence, anything that goes wrong is on him, not me. He understands and accepts that. 

 are you wholesaling to OP  or Morris ??? just curious.. that's a train wreck.

Originally posted by @Andy Rumple :

My above comment refers to when a wholesaler signs a PA with the Seller. Many wholesalers me included are also licensed Realtors. If you sign a listing agreement with a seller you owe them competence in valuing their property correctly and acting in their best interest. If you are purchasing the property you are acting in your own best interest.

the bigger players in the FLA wholesale space are all licensed which I suspect they have a lot of visibility so they just do things according to the regs  … like said up in the thread I probably funded no less than 250 to 300 wholesale deals for their end buyers over a 24 month period .. all went well.. And of course I am privy to the huds so their fee's were right there.. Our state and its important to make that distinction does not like the assignment game.. in other words they are clear you don't own you don't advertise it in any manner and taking an assignment fee is circumventing license laws.. these are not my laws.. 

but I was just in Indy the last few days looking at some of my stuff there . and of course if your going to buy distressed assets most of them come through wholesalers and my vendor there said Indiana is one of those states that simply does not follow this stuff or follow up on complaints  at least that's what he thought.. now he is licensed but he also manages a bunch of houses.. so I know many mom and pop PM companies are not licensed and will go until they are turned in then they get shut down because in all states except I think Maryland maybe you need to be licensed to PM..   And there is no question this activity is far more common and viable in a City like Indy were there are thousands of vacant homes and low value assets.. in other markets it can be done but pretty tough to do the volume all you guys do.. and when I see some of the huds  Hell there are 4 or 5 of you guys on one hud LOL... each making a few bucks.. 

Originally posted by @Mark Sewell :
Originally posted by @Ned Carey:

This should not be Realtors vs Wholesalers it should be bad guys vs good guys.

@Andy Rumple this is perhaps the best comment of the thread. 

Sadly many people can't differentiate the difference between their own prejudices vs good and bad.

I have to agree with Ned.  Great post.  

There are bad apples out there, and they aren't limited to broke people trying to get assign house contracts.

Recently in another post I told the story of the lady that was renting a nice house right across the street here in West Houston.  She got some bad renters, lost money, then more bad renters, and out of money.  Barely gets it back into a condition where it could sell (maybe). 

Now here she is at a cross roads.  She's behind a couple months on her mortgage at this point, and the house is borderline and she is clearly in distress.  Some investor (not me) offers her $125K for it, which is more than I would have offered.  So I just advised her to take it.  Instead she decided to list it, at $165K... Fixed up right it would have sold for $195K quickly, and maybe more.

The agent did his level best, and he did get a buyer!  Oh, but it doesn't pass inspection.  Hmmm.

But the agent, a good guy really, was able to find a second buyer!  By now she is up for foreclosures.  The buyer comes through, but not as fast as she needed.  Thankfully the bank agreed to stave off foreclosure a bit -- but they didn't hesitate piling on fees.

So in the end, counting all the RE agent commissions and bank fees she lost, she came out only slightly ahead of what that investor would have offered.  And it very nearly fell through again, and she took a big risk.

There are a ton of agents that are willing to list a shabby beat-up house but not a ton that are willing to put in the time showing with them and marketing them.  I mean, realtors work on commission, and they understand that pretty houses sell and that pays the bills, so no blame, no shame there.  And there are fewer that are actually able to deliver the goods and find good buyers for a 'scratch & dent' listing like this.

Wholesaling can add value, but this practice of entering into contacts that the wholesaler himself cannot complete is not a solid business practice and here is where we could see some 'regulation' introduced in some places.

However...

Don't underestimate this consideration -- city government (and maybe even county) by now has certainly recognized the additional tax revenues that local investors are bringing in.  This is especially true in those areas that depend heavily on property tax for the tax base (no income tax states).  They are unlikely to do something that would inhibit this free gift that keeps on giving, in my most humble opinion.

But wholesalers are the guys that don't have any money, you say.  Hmmm, not all of them!  A lot of buy & hold guys and flippers run in herds, and assign properties to each other, or wholesale for cash flow to keep them going full time.  And I suspect these are the voices that will get heard in city hall all across the fruited plain.

Last comment -- it costs $1000 here to take a course and then pass some test. They find some investor friendly realty and bam, now our enterprising (but broke) wholesaler buddy now has a realtors license, AND access to all the cool MLS reports that other realtors have. A little CE here and there isn't going to kill them. Now instead of 11,000 realtors running around in your city, you will have double or triple that number. Is that really what brokers/realtors want?

Updated 12 months ago

Excellent post and yes, doubling the # of realtors may improve the quality of work overall. Realtors may do better marketing and follow up. Like Napster, ride-share and home-share, competition often breeds improvement and ushers in changes to an industry while lawyers, state & fed agencies also make some cash along the way. Also agree with those of you that shared - sweeping statements about any one group don't apply. We all only have to look in the mirror to find someone that got paid or pay off book or forgot to report all tips or lotto winnings or any insert ___________. Like many do, in this BP community, I love the education and communication with Grace and Kindness. Especially when interacting with newbies that are misinformed by gurus. Win them over from the dark side.

Originally posted by @Jason Palmer :

I don't know about others, but my strategy is to help those who need to sell faster than they could do it by listing with an agent. That could be someone who has a home that's in bad shape, about to be sold at a tax deed, or someone who needs to quickly get out of a second mortgage on a house that never sold so they can get that second payment off their back. There have been several occasions where, after meeting with the seller, I let them know that I'm not the best option for them and it wouldn't be in their best interest to sell to me. I've never wholesaled a house that didn't need at least 20k in rehab. In other words, a house that would only sell to an investor even if placed on the MLS. I also have purchased or wholesaled several homes that Realtors wouldn't take on because of the condition. During EVERY conversation I have with a seller I suggest that they make the necessary repairs and list it with an agent. I know that this is their best option, and I try to encourage them to exercise that option if it's possible. If they can't or wont, then that's when I step in and see what I can do to help.

News flash for everyone: People don't buy distressed homes at a price that only allows them to break even. Those homes are purchased with a profit motive nearly EVERY time. Whether it's placed under contract by me or the rehabber, it's still going to get sold at a discount. Period. To claim that these owners are getting scammed for selling their distressed home at a price that allows the end user to make money is ludicrous. If it weren't for those investors the home would most likely continue to sit on the market until it turns back into dust, continuing to be a burden on the owner. 

There are two ways to have the tallest skyscraper in town; tear down everyone else's, or work on building your own. I'm working on my own, instead of running to the government to tear everyone else's down on my behalf. The same people that have nothing better to do than scour BP forums looking for unlicensed activity are probably the same people that report little girls for selling lemonade without a proper health department certification. Some people just lead miserable lives and feel the need to drag others down. I truly feel sorry for them.

 why don't you just get a license ??  you probably know of Altura they were big dogs and all licensed.. they wholesaled and probably better than anyone in FLA in their day.. so to say that someone who is unlicensed can perform better than licensed brokerage that specializes in investor distressed assets I don't buy that.   myself I work in 14 markets through out the US.. I work in Neds market I work in Orlando I work in INdy  I work in KC  in Cleveland in PHILLy etc etc  and the deals for my guys come from all points of the compass  wholesalers licensed or not agents who have a pipeline to distressed assets ( those are usually the best but the average investor has a hard time cracking that code you need big money and volume to get into that pipeline.)

Originally posted by @JD Martin :

I have said this before, but I think the biggest problem for me with wholesalers is that many - maybe most - of them don't have the means or ways of actually closing on the property, and to me knowingly signing a contract without the ability to close is at best totally unethical and at worst outright fraud. Signing the contract for those types is the workaround for not getting licensed. Perhaps, instead of spending too much effort on the nuances of brokering vs. contract assignment, states could bring this out of the dark by requiring proof of funds, escrowing some percentage of the contract, etc. I think there's ways of making wholesaling clean and worthwhile, and with just a little regulation it could actually be really helpful for people with distressed properties that need a way out, right now. Like it or not, wholesaling exists because there is a market for alternatives to listing and waiting for buyers. That said, no question that most sellers would be better off financially listing the home and encouraging competition.

Heres an interesting one.. State of OR CA and WA all have this variation of law that came in right around the crash 07 08.. if you bought a home from someone in foreclosure and then flipped it in less than a year 80% of your net proceeds or some number like that must be sent to the person you bought it from.. up until then that was the majority of how I acquired our portfolio we bought at courthouse NO law you had to pay them back if it went to public auction.. but if you snagged them before and you flipped it.. this laws came into effect and is still in effect.. I stopped doing it... because well we follow the law or try to  but still we get stuck on stuff we don't know Like CCB licensing stuff ..  but I suspect there are many still doing this and have no clue.

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