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Jacob Naviaux
Jacob Naviaux@Jacob_Naviaux·
Fixer upper gets listed for $250k. I offer $180k with 3% commission — I’m a licensed agent and my company is the buyer. Plan is to wholesale it for $190k. Needs $75k in work and will be worth $320k after repairs. Listing agent says too low. 4 weeks later our CRM notifies me the list price dropped to $225k. I follow up. Agent still says $180k is too low. Another month goes by. CRM notifies me again — price drops to $210k. I follow up. Agent says they think it’ll work. I draft the offer, send it over, and it gets accepted. We price the deal at $190k and sell it — signed contract and EMD in hand. While we’re still in DD, I tell the agent my buyer needs a $20k price reduction to move forward, but they’re ready to wire EM and waive the rest of DD. Seller meets us halfway. Price drops to $170k. We make $25k. That’s the exact play we run wholesaling MLS properties.
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Brandon Gray
Brandon Gray@NetNetData·
Here ya go, by definition if you did not disclose that you are an owner/partial owner of the buyer entity the seller has means of termination and you are a scammer. GREC rules in Chapter 520-1 and related statutes like O.C.G.A. § 43-40-25 and the Brokerage Relationships in Real Estate Transactions Act or BRRETA in O.C.G.A. § 10-6A) (Yay AI! Given you operate in Georgia as per your profile) Also, sad to the listing agent for not getting this topic.
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