All Forum Posts by: Todd Collins
Todd Collins has started 1 posts and replied 19 times.
Post: Possible Wholesale done illegally?

- Posts 19
- Votes 1
Quote from @Jonathan R McLaughlin:
Not entirely positive I follow this or where the letter that is the source of your info came from, but if I do follow I think you are dead in the water here. If the owners knew and consented to what their broker was doing with his father I think thats the end of it
The listing agent doesn't represent you and is under no obligation to negotiate. Looks like he may have offered this to his client as a safe option...along the lines of, "I believe this woman will pay and qualify at 400K but I understand you don't want to take the risk, I'll buy it and resell and the risk is on me..."
"Had the owners sign a paper"...you mean the owners consented to this arrangement in writing. Done.
Feels very dubious ethically and I can see plenty of ways the listing agent could be acting more in their own interest than their clients, but I don't think you are really a major part of this and you don't know.
It sucks, but you have to deal. Sorry I know thats not what you want to hear.
I don't disagree however the code of ethics hearing is coming up August 28. I think the commission felt there was enough evidence to warrant a hearing. We will see what happens
Post: Possible Wholesale done illegally?

- Posts 19
- Votes 1
I got a print out and letter that indicates the owners knew and the listing agent knew early on he was going to buy the house as he stated I knew I could get it for much cheaper than listed 10 days before I made my offer. The house was on the market for two weeks when I made my offer. He got a call from a agent the evening I made my offer ( conveniently after no offers) saying she has a client who wants to offer 400 thousand. He advised me the owner was taking that offer. Gave me no opportunity to negotiate, increase my offer or put in back up offer. April 27th the MLS showed the house under contract from April 27th closing 5/10. April 28th the disappeared from MLS and reappeared a few hours later listed under the listing agent fathers name. He the bought the house for 344 thousand dollars and had the owners sign a paper saying they knew he was buying the house only to sale it to the person who made the 400 thousand dollars offer. Her deal was originally declined along with mine because the owners were offended by my questions about the house before my offer and were afraid I would ask for too money for repairs. My offer was cash, as is no contingency. They were afraid of the other offer because of financing issues. So he bought the house with the owners knowing that he was going to make 65 dollars profit and sold May 12 to the girl who made the 400 thousand dollars offer. He should have given me an opportunity to negotiate or raise my offer. He had no intention of losing that profit of 65 thousand
Post: Possible Wholesale done illegally?

- Posts 19
- Votes 1
I got a print out and letter that indicates the owners knew and the listing agent knew early on he was going to buy the house as he stated I knew I could get it for much cheaper than listed 10 days before I made my offer. The house was on the market for two weeks when I made my offer. He got a call from a agent the evening I made my offer ( conveniently after no offers) saying she has a client who wants to offer 400 thousand. He advised me the owner was taking that offer. Gave me no opportunity to negotiate, increase my offer or put in back up offer. April 27th the MLS showed the house under contract from April 27th closing 5/10. April 28th the disappeared from MLS and reappeared a few hours later listed under the listing agent fathers name. He the bought the house for 344 thousand dollars and had the owners sign a paper saying they knew he was buying the house only to sale it to the person who made the 400 thousand dollars offer. Her deal was originally declined along with mine because the owners were offended by my questions about the house before my offer and were afraid I would ask for too money for repairs. My offer was cash, as is no contingency. They were afraid of the other offer because of financing issues. So he bought the house with the owners knowing that he was going to make 65 dollars profit and sold May 12 to the girl who made the 400 thousand dollars offer. He should have given me an opportunity to negotiate or raise my offer. He had no intention of losing that profit of 65 thousand
Post: Possible Wholesale done illegally?

- Posts 19
- Votes 1
I agree but feel I also lost the opportunity to buy my dream home. But yes they were absolutely screwed
Post: Possible Wholesale done illegally?

- Posts 19
- Votes 1
Finding an attorney that does not cost an arm a leg and two children
Post: Possible Wholesale done illegally?

- Posts 19
- Votes 1
I understand.
Post: Possible Wholesale done illegally?

- Posts 19
- Votes 1
Thanks Matt. We will see what the Real Estate commission does.
Post: Possible Wholesale done illegally?

- Posts 19
- Votes 1
If attorneys were not telling me different I would agree but they are saying that a contract was formed when the seller made their counter offer
Post: Possible Wholesale done illegally?

- Posts 19
- Votes 1
Yes that is correct. He text while sitting with the sellers that they wanted to counter
Post: Possible Wholesale done illegally?

- Posts 19
- Votes 1
I did say that. Finding an attorney and talking to an attorney are two different things. I was told I had a case but the guy was asking for 10 thousand retainer lol Laugh 😆