Don’t answer your phone to unknown callers or if you have an iPhone, let it go to voicemail and when you do such important business, do so face to face.
I own 19 doors and i get these calls DAILY. So much so that i dont usually answer my phone unless its a person in my contacts list. I sometimes answer and ive noticed ALLOT of foreign accents...I mean ALLOT! Now its starting to make sense. I tell them i will take offers but it requires earnest money, especially on my raw commercial land and they balk at that....I ask them to explain to me what could change during an inspection on raw land. It is what it is. They go away once you ask for money.
Im a realtor and i get messages from private investors asking me to show them property off the market. Why would any realtor even do that?? I just ignored them
Why? Because we have all heard that the best bargains are off-market, that realtors will give the best deals to their buddies without bothering with the MLS and other mechanisms. Some of us might call realtors and try to become one of those buddies. I remember hearing about "no-money-down" deals a long while ago, so I called a few real estate agents. The most polite response I got was laughter.
This has bee I FL for decades, by lawyers. But I understand that fake LLC,s plus out of town crooks and how this can really screwup the real process of selling your home. Good job in advising home owner s about this. 😊
Wholesaling is for people that are in NEED to sell their property to prevent furthur financial disaster so the wholesaler will buy their property for quick cash. Its purchased at a discounted price (fix and flippers get their deals this way also) instead of using realtors who keep the property on market for months on end & overpricing real estate. Investment companies do this "wholesaler" method all the time not just individuals. Not to mention NAR gettting sued in multiple states because houses that pay higher commission are more important to them rather then what fits their clients best. Not all "Wholesalers" are bad and not all realtors are good just because they have a license.
As an old geezer myself, I agree that after a person becomes 62, they become a prime target for fraud. If you are 62 or older, you have to assume that anyone who deals with you, anyone who is all smiles and kindness, is out to defraud you. This is especially true with bank personnel and tellers, who are on the lookout for depositors who who might be skipping a beat or two. I know I sound cynical, and I guess I am after all I have seen.
Thank you so much for this information!!! I get calls everyday!! I am trying to sell my property and it is ridiculous about how many calls I get a day !!
Here in PA you can ask the County Recorder of Deeds to notify you any time a deed or other real estate document is filed with your name on it. Registering for this free service is done once and it automatically applies to all properties in the county with your name on it.
I never answer and calls if not in my contacts. I never open up an email if I didn’t request info from that email. Never give out any personal info to anyone one I am not affiliated with. Be smart don’t sign anything with out professional licensed individuals. Ask questions. If it doesn’t feel right then it’s probably a scammer.
I used to work for an attorney, who was actually a really decent human being. However, I observed first hand the desire and ability to locate a revenue stream and tap that vein for income. I understand this impetus, but I detest it. That is how other people get trampled underfoot.
hello jack, Thank you for all of your great videos. As a retired Pensacola home inspector I have a lot of people still call me with Questions. I've been watching you since you Kayak fishing. Thank You, I've been called and received cards about this.
So, all wholesalers are bad people? Realtors wear white hats & wholesalers black - but I do agree becoming a Real Estate agent is a good step forward. They’re questionable folks on both sides - as per the recent NAR settlement.
This type of purchasing agreement is probably especially targeting houses in areas where prices are going up quickly, they lock in a price for 6 months, and if they see the offer they put in several months ago is now a bargain deal, they will work on actually selling the property... you get the price you agreed on many months ago... they get the higher value the property is worth now that prices have gone up in your area. If prices don't move over the 6 month contract period, or prices go down... they won't lift a finger to try and sell your house but you are hooked and locked in with them as the designated seller until the contract expires...
Having just turned 41 and got laid off, I'm at a turning point. With 425K saved for early retirement at 50, 10K in an HSA, and a property that could sell for an extra 200K, what are my options for investing aggressively?
Not going back to work. I'm unsure whether to consolidate all my investment accounts into one. If I do, how should I handle it and what should I be aware of? I also plan to sell my property, which could bring in an extra 200K over time. Should I combine everything into one account or spread it out across different investments?
These are important questions for a financial planner. I connected with mine at a NYSE summit, and with her help, my wife and I reallocated our 1.7M portfolio between a traditional IRA and a brokerage account. She’s been executing trades with our consent and has managed to recoup twice our crisis losses. We’re holding and cautiously navigating the market
These "We Buy Homes" people look to take advantage of people looking to sell fast, and not all of them look to do so because their house is a half step from being a tear down! This is all part of the plan to make us a "nation of renters," and what people don't fully understand yet, is that for primary residence and home ownership, it's the manufactured home "retreats" on the Intracoastal in North Myrtle Beach, for example, which represent the LAST BEST CHANCE for people to OWN their own home! There shouldn't be ANY home on the market for $125,000 or less, on the market for very long! If you don't want to rent for life, THIS is where you need to start looking, since in 5 years, you won't be able to buy for less than $150,000! Meaning the time to buy is NOW.
A recorded purchase contract typically would not be evidence of title or an encumbrance on title, so I'm not sure why this would be an issue for title insurance. A contract with multiple contingencies is a very weak contract.
They have websites that give a proof of funds for any amount. They have LLCs you can use. It’s unreal. Yet, sellers are so reluctant to hire Realtors®️ yet will accept these scam artist jackasses and sign their lives away…makes no sense. Hard to feel sorry for stupidity, but I do. If Real Estate Agents can come together to rebrand our profession and how the public views us, less people would be getting screwed over! Great video man!
I don't answer my phone unless I have them on my contract list, and if they are not, they have to leave a message, and if no message and I still don't know them, I block them I have a lot of blocks.
Getting unsolicited offers for raw land through the mail from WY, TX PA, FL, etc. The enclosed contract is very simple and suspicious, actually so simple it looks wonkee. Based on your description it now makes sense why they keep coming. Prodcast phishing for suckers.
Question: if everyone needs to be a real estate agent in order to buy or sell real estate, what happens to FSBO? What about buying a propwrty off market direct to seller?
Well, it’s hard for me to feel sorry for owners who behave foolishly by attempting to make such a large transaction without legal assistance. These fools will do anything to avoid paying a realtor or a lawyer--the get what they deserve
Devils advocate question. How do you protect your interest in a property that you have a signed purchase agreement on and then they get an offer next week for 5k more than your offer and they sign another contract purchase agreement and move forward with them instead?
You have to go with the first purchase agreement and do the $5,000 more agreement as a back up offer for on the first agreement has so many days to comply with inspections & so on. Your real estate agent should explain this to you.
@@veronikagigi that's not how it works in the real world. Sellers don't honor the first agreement and go around it. That's why I ask the question. And that's what the memorandum is for.
The worse case for investment is when the cost of ownership is increasing up as the value if the asset is dropping. You can not get to equity . The is the new Real Estate Market due to the New Laws,also what if the economy goes into into a recession plus if inflation continues. There is no realistic solution for Condo Ownership .e Condos that are 20 years old will start to experience the same decline in 10 years. The is a hot mess . This environment is prime for building being demolished , and not all have massive land value , and some have 100 year land leases they do no own the land ...The future for Condo ownership seem to be very dark.,, yet we need condo building , What a mess.Maybe the future fro Condo is long term rentals...were you never own the home ,
In Michigan the EMD or deposit is NOT required to create an enforceable contract. Its a mythical thing that sellers think they can keep if buyer backs out. Wrong- seller has to go to court to 'keep' deposit.
I don’t like E sign,I went to sign the agreement and my signature was already on it. Found out my girlfriend/ wife had paisted my name from some other document she had in her computer,then she put in her two week notice on her job so the bank wanted me to guarantee the income to pay the house then she had her daughter find the house for us in another state which is where they wanted us to live next to them the house was I now think was outside my budget but I went along to get along,we got the house and I has been a strain on my money because even though we both pay half each of the mortgage payment,it’s too much for me because I’m living on fixed income,I’m retired.what do you think I can do about it,I signed the closing papers so I’m just a liable as she is.Oh the reason I did this alone is because her son was in the hospital in another state and she couldn’t be there for the closing.Of I just walk away I’m still liable for the payment.or goes broke.
Appreciate you warning people about this.But creating a law where a private person can't contract with another private person, Making wholesale Illegal except for if your an agent is insane
Check this video out! The Worst Scam in Real Estate- ua-cam.com/video/27uoiIcN2FY/v-deo.html
Wow that has happened to me. Thank you for info!
Don’t answer your phone to unknown callers or if you have an iPhone, let it go to voicemail and when you do such important business, do so face to face.
Wow! Dodged a bullet in NC…the phone calls were relentless
Thanks for the tip. Scammers everywhere.
I own 19 doors and i get these calls DAILY. So much so that i dont usually answer my phone unless its a person in my contacts list. I sometimes answer and ive noticed ALLOT of foreign accents...I mean ALLOT! Now its starting to make sense. I tell them i will take offers but it requires earnest money, especially on my raw commercial land and they balk at that....I ask them to explain to me what could change during an inspection on raw land. It is what it is. They go away once you ask for money.
Thank you! Honest people would never think this could happen.
Again, thank you very much again! Keep the nuggets of info coming bro. This is so applicable to our everyday life, and affects all indirectly.
Im a realtor and i get messages from private investors asking me to show them property off the market. Why would any realtor even do that?? I just ignored them
Why? Because we have all heard that the best bargains are off-market, that realtors will give the best deals to their buddies without bothering with the MLS and other mechanisms. Some of us might call realtors and try to become one of those buddies.
I remember hearing about "no-money-down" deals a long while ago, so I called a few real estate agents. The most polite response I got was laughter.
@@uncaboat2399 i would never show some stranger the off market deal!
Never sign anything without a lawyer and fully understanding what your signing.
This has bee I FL for decades, by lawyers. But I understand that fake LLC,s plus out of town crooks and how this can really screwup the real process of selling your home. Good job in advising home owner s about this. 😊
Wholesaling is for people that are in NEED to sell their property to prevent furthur financial disaster so the wholesaler will buy their property for quick cash. Its purchased at a discounted price (fix and flippers get their deals this way also) instead of using realtors who keep the property on market for months on end & overpricing real estate. Investment companies do this "wholesaler" method all the time not just individuals. Not to mention NAR gettting sued in multiple states because houses that pay higher commission are more important to them rather then what fits their clients best. Not all "Wholesalers" are bad and not all realtors are good just because they have a license.
Thank you so much for explaining this. Very informative.
Glad it was helpful!
that why I don't speak to scammers on the phone
As an old geezer myself, I agree that after a person becomes 62, they become a prime target for fraud. If you are 62 or older, you have to assume that anyone who deals with you, anyone who is all smiles and kindness, is out to defraud you. This is especially true with bank personnel and tellers, who are on the lookout for depositors who who might be skipping a beat or two. I know I sound cynical, and I guess I am after all I have seen.
Excellent video Jack!!! Great info ...Nice job brother....
Glad it was helpful!
Thank you. I had no idea.
Great advice and thanks
Thank you for posting.
Thank you for the info.
Thank you for all your hard work
Thanks for this excellent article of information looking forward to whatever next you publish
Thank you so much for this information!!! I get calls everyday!! I am trying to sell my property and it is ridiculous about how many calls I get a day !!
Good insight & Intel Yak on.
they call me constantly...mailings constantly...even now letters....all a scam deal..
That was, GREAT INFORMATION!!!!
Here in PA you can ask the County Recorder of Deeds to notify you any time a deed or other real estate document is filed with your name on it. Registering for this free service is done once and it automatically applies to all properties in the county with your name on it.
Thanks for sharing
I hate scammers!
I never answer and calls if not in my contacts. I never open up an email if I didn’t request info from that email. Never give out any personal info to anyone one I am not affiliated with. Be smart don’t sign anything with out professional licensed individuals. Ask questions. If it doesn’t feel right then it’s probably a scammer.
Thank you.
I used to work for an attorney, who was actually a really decent human being. However, I observed first hand the desire and ability to locate a revenue stream and tap that vein for income. I understand this impetus, but I detest it. That is how other people get trampled underfoot.
hello jack, Thank you for all of your great videos. As a retired Pensacola home inspector I have a lot of people still call me with Questions. I've been watching you since you Kayak fishing. Thank You, I've been called and received cards about this.
Good info. Thank you.
So, all wholesalers are bad people? Realtors wear white hats & wholesalers black - but I do agree becoming a Real Estate agent is a good step forward. They’re questionable folks on both sides - as per the recent NAR settlement.
My sister and I have just sighed a contract just like you've described. O.M.G. I hope we haven't just been scammed!!
You likely have been scammed. Sucks😮
This type of purchasing agreement is probably especially targeting houses in areas where prices are going up quickly, they lock in a price for 6 months, and if they see the offer they put in several months ago is now a bargain deal, they will work on actually selling the property... you get the price you agreed on many months ago... they get the higher value the property is worth now that prices have gone up in your area. If prices don't move over the 6 month contract period, or prices go down... they won't lift a finger to try and sell your house but you are hooked and locked in with them as the designated seller until the contract expires...
Great and important information. Question - what would be a reasonable time gap for a real estate contract?
Thank you X 3 🙏
Having just turned 41 and got laid off, I'm at a turning point. With 425K saved for early retirement at 50, 10K in an HSA, and a property that could sell for an extra 200K, what are my options for investing aggressively?
It makes sense to consider a financial advisor at this stage, but delaying retirement might be a smarter choice
Not going back to work. I'm unsure whether to consolidate all my investment accounts into one. If I do, how should I handle it and what should I be aware of? I also plan to sell my property, which could bring in an extra 200K over time. Should I combine everything into one account or spread it out across different investments?
These are important questions for a financial planner. I connected with mine at a NYSE summit, and with her help, my wife and I reallocated our 1.7M portfolio between a traditional IRA and a brokerage account. She’s been executing trades with our consent and has managed to recoup twice our crisis losses. We’re holding and cautiously navigating the market
That is impressive! my portfolio has remained stagnate. Who is guiding you please?
*Leah Foster Alderman*
You can search her online, she’s well known.
These "We Buy Homes" people look to take advantage of people looking to sell fast, and not all of them look to do so because their house is a half step from being a tear down!
This is all part of the plan to make us a "nation of renters," and what people don't fully understand yet, is that for primary residence and home ownership, it's the manufactured home "retreats" on the Intracoastal in North Myrtle Beach, for example, which represent the LAST BEST CHANCE for people to OWN their own home!
There shouldn't be ANY home on the market for $125,000 or less, on the market for very long! If you don't want to rent for life, THIS is where you need to start looking, since in 5 years, you won't be able to buy for less than $150,000! Meaning the time to buy is NOW.
A recorded purchase contract typically would not be evidence of title or an encumbrance on title, so I'm not sure why this would be an issue for title insurance. A contract with multiple contingencies is a very weak contract.
They have websites that give a proof of funds for any amount. They have LLCs you can use. It’s unreal. Yet, sellers are so reluctant to hire Realtors®️ yet will accept these scam artist jackasses and sign their lives away…makes no sense. Hard to feel sorry for stupidity, but I do. If Real Estate Agents can come together to rebrand our profession and how the public views us, less people would be getting screwed over! Great video man!
I would never sign a contract unless I had a realestate attorney look it over and explain it to me.
I don't answer my phone unless I have them on my contract list, and if they are not, they have to leave a message, and if no message and I still don't know them, I block them I have a lot of blocks.
TY Yak
Getting unsolicited offers for raw land through the mail from WY, TX PA, FL, etc. The enclosed contract is very simple and suspicious, actually so simple it looks wonkee. Based on your description it now makes sense why they keep coming. Prodcast phishing for suckers.
Wow, thanks for sharing
My pleasure
Question: if everyone needs to be a real estate agent in order to buy or sell real estate, what happens to FSBO? What about buying a propwrty off market direct to seller?
You don’t need a real estate agent to buy or sell a home. But it’s better to so someone doesn’t take advantage.
@@veronikagigi agreed. I'm commenting on the part of the video where he says he thinks everyone should be required to be a licensed agent.
Well, it’s hard for me to feel sorry for owners who behave foolishly by attempting to make such a large transaction without legal assistance. These fools will do anything to avoid paying a realtor or a lawyer--the get what they deserve
Devils advocate question. How do you protect your interest in a property that you have a signed purchase agreement on and then they get an offer next week for 5k more than your offer and they sign another contract purchase agreement and move forward with them instead?
You have to go with the first purchase agreement and do the $5,000 more agreement as a back up offer for on the first agreement has so many days to comply with inspections & so on. Your real estate agent should explain this to you.
@@veronikagigi that's not how it works in the real world. Sellers don't honor the first agreement and go around it. That's why I ask the question. And that's what the memorandum is for.
I've never liked wholesalers, They should make them get a license all their deals are shaddy
Understand when you hire a real estate agent you have to look at it as insurance for your home sale/buy. I hate realtors but that’s how look at it.
The worse case for investment is when the cost of ownership is increasing up as the value if the asset is dropping. You can not get to equity . The is the new Real Estate Market due to the New Laws,also what if the economy goes into into a recession plus if inflation continues. There is no realistic solution for Condo Ownership .e Condos that are 20 years old will start to experience the same decline in 10 years. The is a hot mess . This environment is prime for building being demolished , and not all have massive land value , and some have 100 year land leases they do no own the land ...The future for Condo ownership seem to be very dark.,, yet we need condo building , What a mess.Maybe the future fro Condo is long term rentals...were you never own the home ,
i think biggest problem are judge. When social have problems judge ask you come back all over
Court so we can keep paying the court fees😂
In Michigan the EMD or deposit is NOT required to create an enforceable contract. Its a mythical thing that sellers think they can keep if buyer backs out. Wrong- seller has to go to court to 'keep' deposit.
What's LOC?
Wells Fargo did this to me,,,
I don’t like E sign,I went to sign the agreement and my signature was already on it. Found out my girlfriend/ wife had paisted my name from some other document she had in her computer,then she put in her two week notice on her job so the bank wanted me to guarantee the income to pay the house then she had her daughter find the house for us in another state which is where they wanted us to live next to them the house was I now think was outside my budget but I went along to get along,we got the house and I has been a strain on my money because even though we both pay half each of the mortgage payment,it’s too much for me because I’m living on fixed income,I’m retired.what do you think I can do about it,I signed the closing papers so I’m just a liable as she is.Oh the reason I did this alone is because her son was in the hospital in another state and she couldn’t be there for the closing.Of I just walk away I’m still liable for the payment.or goes broke.
One commercial said tha they would fix up any house in any condition and then split the profits after the sale. CROOKS!!!!!😂😂😂😂
Good one! Will they pay my homeowner insurance while they hold it hostage????
Scammers are going to ruin it for real, honest investors.
Are these scammers are also called "land flippers"?
always have real estate attorny
Good info, thanks.
My ex lost 8k in trying buying a house he never saw the inside because the owner had Covid.
if you think normal people are ignorant about this problem, the government officials you are expecting to fix it are even more ignorant
Appreciate you warning people about this.But creating a law where a private person can't contract with another private person, Making wholesale Illegal except for if your an agent is insane
Are you in Florida?
There is a catch
georgia guidestones?
chevron deference?
I am so glad . Sometimes we don’t wish to spend money 💰 on fees but is better than losing everything.
If I'm a seller and I signed a contract to sell house to a wholesaler why should I go and sign a contract to sell it to another buyer for more?
Hey Motley, you share not teach!
Hurry up.