Wholesale Deal from Hell
- Image by Getty Images via Daylife
So I will maxin and relaxin yesterday and cooking up some heart-attack food (fried chicken and french fries) before the super-bowl and I get a call from the owners of the “wholesale deal from hell” (that’s its’ new name). I said I wasn’t going to blog about it anymore but…..I lied. The sellers called to arrange a meeting so that perhaps something could be worked out. Just as a refresher, this deal is the one where I negotiated a short-sale as their 10K property was upside-down by 60K dollars. After the short-sale was negotiated, the liens were reduced to the sum of 9K, which took all of the sellers’ proceeds. I spoke with other local investors about this and one resolution is to write-up a bill-of-sale for the personal property inside the of the house in the amount of what’s negotiated between the seller and buyer. So for instance, a bill of sale could be written for 9K for the personal property in the house, as that was the original agreed sale price of the house.
Apparently, this is a common practice in this unique situation. However, it sounds fraudulent as hell to me. I mean, if not, then why wouldn’t ALL short-sale investors do this to compensate pre-foreclosure sellers. Maybe they do…do they? My buyer that the contract was assigned to is willing to shell-out another 7K, if I shell-out 2K. It’s not a problem for me, but I’m going to run this by my lawyer first.
Welp, off to the 9-5
