All Forum Posts by: Richard C.

 Well, anything is possible.  However, chances are overwhelming that your suspicions are completely unfounded.

You found a good deal on the MLS. Someone had an offer accepted before you saw it. Happens all the time. Hundreds of times a day, probably, in this country.

The whole point of the MLS is to expose a property to the widest possible universe of prospective buyers. If the property was really a good deal, other people saw it, recognized it, and bought it.

What information do you have to suggest that your original Realtor bought it?

I'll tell you what is NOT a good way.  Don't buy a high-equity mailing list.

I recently paid off the mortgage on my personal residence.  I have been bombarded with marketing pieces.  Someone took some class or read some guru book or something.

It apparently has not occurred to these people that someone who owns an expensive property free and clear is not someone who is going to have to sell at a discount.  Even if I did want to sell, I would list with the premier brokerage in my area and sell for full market value.

Also, just because I have not mortgage and COULD sell with seller financing does not mean I will.  Why would I?

I got a letter from some woman who offered to buy my house, which she has never seen, for exactly 60% of the assessed tax value (which is far below the fair market value.)  And she wanted owner financing!  At 4%!

 I think your plan is sound, except be careful about the part I quoted.  You still have a duty to mitigate your losses by placing a replacement tenant.

Just get a license.  It isn't that hard.  A $400 class and an exam with a 90% pass rate.

Worcester maybe.  Lowell, or Lawrence.  Not Boston.

It is only unethical if you take a listing, and establish a fiduciary relationship.  Agents and brokers are free to buy things, as long as they disclose their licensed status.  They just need to be very clear that they are acting for themselves, not representing the seller.

 So in other words,  "of course you know why I want to put a lock box on the property" confirms everything in my post.

You're lying to the seller, and asking for help on how to do so effectively.  You have no intention of actually buying ("we are tired of being landlords and the headache that comes with it") so you are going to be a "wholesaler."

It is entirely possible nothing in your script is illegal.  Depends on how Missouri feels about brokering without a license.  But it is complete BS.

Why not simply be truthful?  Most people don't care who is buying their house or why.  They just want their price.

Is any of that true?  Any at all?

Do you purchase homes all over Missouri?  How many have you purchased, in how many different places?

Do you turn some into rentals?  How many rentals do you own?  Do you rehab some and sell them?  How many have you flipped in this manner?  Or is, "passing along" all that you actually do?

And these people you, "pass along" properties to, they are "business partners", you say?  What is the file name of the registered business partnership with the state of Missouri?  Or are they not "business partners", but rather people you hope will be your customers in a contract assignment deal?

What sort of "due diligence" are you doing that takes 60 DAYS?  Examining every square millimeter of the place with an electron microscope?  Or is "due diligence" not something you are doing at all, and you want the 60 days to try to scare up a buyer?

How many times could you possibly need access to the property in order to conduct due diligence?  Inspections usually require access once, maybe twice if an air quality test is being done.  Are you sure that you don't need the lock-box because you are going to be parading prospective buyers through the house?

My critique of your script is it appears to be one large pile of completely dishonest BS.  If you attempted this script with me, I would make encouraging noises, get all of your detailed contact information, and have my lawyer report you to the state.

*whoosh*

You will not be arrested.  You may very well be liable for that hotel bill.  Consult a local lawyer.