So I had a contract with a seller on a total piece of shit house, right? It wasn’t in the ghetto..but it was a piece of shit nonetheless. As usual, I had a 30 business day contract signed with the seller. I thought I could sell it and make a few thousand dollars as a real estate wholesaler.
I got no activity on that crapper the entire time I had it under contract until about 10 days before the contract was to expire. A shady Realtor contacted me and said he had a cash buyer for the house, and proceeded to make an offer That was acceptable. I would’ve made $2k. Not much more than I expected? he told me that his buyer wanted to get a survey done and could close in 7 days.He said he would send me the offer in writing that night. He was very inquisitive about what “equitable interest” was and when the contract expired. My dumb ass told him.
Do What you Say You’re Going to Do
He never sent the offer….
No big deal. It happens all the time. I’m never shocked by that. But this ass clown did call me a week later and say “the survey is back and were ready to close.”. Ok cool.
At this time, I knew my contract was expiring with the seller, so. I arranged for a closing date on the last day of the contract. seller agreed. On the day of closing, the shady Realtor sent me a text message and said buyer can’t close until next week. I called the seller, and she refused to give me an extension. She felt like she had been strung along for all this time, and she was going to find someone new.
I tried to keep the deal together, but this guy never sent me anything in writing. So that’s my fault. I wasn’t really banking on him to close because he acted sketchy the whole time, but. I wanted to be prepared in case he did.
Guess what? Today my title company sent me an email and told me that the SAME guy is closing in that property tomorrow. They were just letting me know since I had just been under contract with the seller, and the Realtor mentioned my name to them.
The Shady Realtor Contacted My Seller Directly
I’m not sure exactly what went down, but. I do know that this Realtor was pretty Snakey to contact the seller and close on the deal just 3 days after my contract Expires.
Maybe I’m overreacting? I realize that I never had anything in writing from him, and. My ass also ran out of time. This is just one of those “principal” stories that has a valuable lesson.
Watch out for those shady Realtors out there. They’ll snake your deals, and ruthlessly conduct business to make a measly $500 commission (this was only a $8k house, by the way). Keep the lines of communication open with your sellers, and if you get near the end of your contract and you THINK you might have a buyer, get an extension from the seller before you discuss anything further. That’s the only way to protect your interest in the property. the only way.