All Forum Posts by: Nikki Harmon

A good wholesaler will never enter into a sale agreement without the intent and ability to close the deal.  There isn't anything wrong with trying to wholesale the deal to a cash investor, but he should have been honest with you and told you what exactly what his intentions were.  Just remember, every profession has the good, bad and ugly!

Yes, I know. Our intention was to list the property on the following Monday, but I was made the offer I wanted for the property in my researching. 

@Nikki Harmon Not just because I'm an agent, but I've never seen a case where a property listed on the MLS didn't Net more to the owner, than a wholesaler's offer. Just did one recently, best "we buy houses" offer, $112k (which also may have just been a wholesaler). Sold on MLS for $137k in 4 days. One thing many think of is that's it's very easy to see if a "buyer" has actually bought any properties, and how many recently.

@Nikki Harmon, you will know very soon whether he is as good as his word: "Yes I either close on the property myself first or flip to an end buyer". As for reneging due to finding the property unsatisfactory during the inspection period, isn't that a possibility for ANY sale of property Contract - equivalent to a cooling off period? Many wholesalers do use that clause unscrupulously when they can't find an ACTUAL cash Buyer, but if you REALLY want give discounts in exchange for quick sales - create Contracts that have NO contingency! Cheers...

@Nikki Harmon

Before going through the bureaucratic headache of filing anything formal with DBPR or even FREC, I would consult with a real estate attorney (maybe you know someone, a friend of a friend, etc...) and see if these boards would find any merit if a complaint was filed.  And even if this person did act illegally to the "letter of the law," it may not even be in these organizations interests to pursue something...especially if he's not a "big fish" where he would be seen as an example.  Unfortunately, this is common practice among wholesalers.  What he should have done was been forthright initially, and probably shown you credentials to back up whether his method of operation has proved prosperous for his sellers, wherein he ends up finding end users.  That way, at least you could have made an informed decision.  Overall, this is a lesson learned, and coming on these forums to get an education and course of action is the best thing you could have done!  I would probably say it's not in your best interests to go the bureaucratic route, it will be long and tormenting and you may not even get the solution you're seeking.  Expressing your displeasure about this person via social media and other forums is a quicker and more direct route to making sure wholesalers like this are more open and honest with their intentions.

"Wholesaler misrepresented himself."

"Water turned out to be wet."

@Nikki Harmonbe sure and post review if possible, and you might consider a BBB complaint as well. No bad deed should go unpunished!

typical with an unlicensed un regulated quasi industry.. but an unpopular stance on BP because many on BP are trying to get into the business as wholesaler and have no clue 

@Nikki Harmon

If you plan to get into real estate, your first objective should be to get as much education as possible, including contracts and contract law.  Asking folks here what options you have when no one here has seen your contract is of little use to you.  

I suspect the wholesaler has protected himself well and will walk away if he doesn't find a buyer.  You will have learned a valuable lesson at that point. 

Your contract is what protects you as a buyer or seller, so understanding it is critical. 

On a side note, I get these pseudo-investors calling me frequently about my properties too. The first think I tell them is I won't entertain any offer without a bank statement with the wholesaler's name or company name that shows they have the purchase funds on deposit.  Oddly enough, they seem to lose interest in my property rather quickly.

@Nikki Harmon I almost/did get screwed out from a wholesaler out of Miami in a deal in Broward. I really wonder if it's the same guy... What I did was take screen shots of his website stating he's involved with real estate, screen shots of his Facebook page saying he's involved with real estate, and all emails. I reported him to DBPR with a formal complaint.. I know they opened a case but no news yet.. This was three week ago. I own a brokerage now in Lauderdale and I will love to help in any way..