I don't want to say that they are close friends but they decided to sell their house by owner. They live in my neighborhood so they are really just neighbors. So, their house has been sitting on the market for several months. They called me to tell me that someone was coming by to give them a contract and wanted my advice. I don't mind giving it, because if they can sell it on their own - more power to them. I will be helping them buy a new home. Anyway, this guy comes over with an offer on an old real estate form. He wants to offer full price and then add 3% to the sales price. He doesn't offer any earnest money or proof of loan qualification. He offers to buy as-is with no home inspection. This guy wanted to then sell it to another person(buyer) for an even higher price. He wasn't an agent - he was an investor trying to squeeze money out of the deal. He brought his buyer to the home to show - told my friends to take down their for sale by owner sign because "the less the buyer knew - the better". I advised my friends to make counteroffer with at least $1000 of earnest money along with several other things. I told them that I didn't like the situation and didn't want to be involved. Especially since this investor person was then going to resell the property at an inflated price to someone else. I had already done a CMA for them, so I know what the house could sell for. They made the counter, and then never heard from the guy again. I did research on the guy. The corporate address that came up on his LLC search showed a residential address that is not in his name. The address on his letter head was the same as a local roofing company - not his. I wonder if this is someone to turn in to the authorities? He could be acting as an unlicensed agent, heading toward loan fraud, or who knows what else. At this point I couldn't say for sure he has done anything illegal - but it sure looks like it could have gone that way. And if so, who do I call?
This entry hasn't been re-blogged:
Re-Blogged By Re-Blogged At
Find what you need?
See More Blog PostsAbout Real Estate! SEE MORE NOW!