Don’t Let A House Wholesaler Threaten You

Don't Let A House Wholesaler Threaten You
Ben Socheck:

Are you trying to sell your house and have you recently entered into an agreement with someone that said that they could buy your house, and are turning out that they’re a wholesaler or are just trying to control your property, or they’re trying to sell your property without your knowledge?

Maybe you’ve changed your mind at this point and aren’t comfortable with the situation and are trying to get out of the agreement. And maybe that wholesaler now has threatened to sue you.

My name is Ben Souchek. I’m with The Sierra Group Pro Home Buyers. And I have been in business for over 20 years as a home buyer. And it really worries me, especially recently to see how there are some groups of “investors,” home buyers, or at least people that say they’re home buyers, but essentially are wholesalers, which are people that say they can buy your house but have no intent or ability to.

They advertise locally or sometimes on a national basis. And when they get a contract, they just try and flip or sell their contract. They have no intention to buy the house. They have no ability sometimes to buy the house.

And there are discussions that I see among these groups of companies, where they have a contract with a seller and the seller has changed their mind. And now, these wholesalers try figuring out how to threaten and sue the homeowner to make them stick to that agreement.

Back before 2008, before the market correction, there were a lot of people in this market. There were a lot of home buyers getting into this market. And of course, in 2008 with the market correction, it thinned the herd. A lot of those people went out of business.

But now again, because the real estate market is very good, a lot of activity, there are a lot of home buyers in the market. A lot of people that say they’re home buyers in the market. And as I mentioned earlier, this is where wholesaling came into play. There are a lot of real estate “gurus” out teaching how people can get into real estate for no money, no risk. And wholesaling is essentially how people can do that.

They’ll advertise that they can buy a house, but essentially once they get a contract from you, they just try and flip the contract. And there are groups that advertise nationwide, as I mentioned. They do a good job of selling on the phone. They will ask you as a seller to send them pictures, and that’s what they use to market the property. So they’re very good at phone communication, but they’re not very good at taking care of the seller and your needs.

So I wanted to bring this to light today, that if you are in a situation where you’ve signed something, and maybe weren’t quite aware of exactly what was going on, and now you find yourself in the middle of one of these situations. And especially if you’re being threatened by one of these entities, you can certainly contact me, but maybe more appropriately contact your local authorities or your state attorney general’s offices, to see if and how you can get out of these agreements versus being threatened with a lawsuit if you don’t want to sell your property to them.

In more than 20 years of doing business, if a person has wanted out of an agreement with me, I have never forced them to sell a house that they did not want to sell. I just don’t think that’s good business.

And I don’t think that’s a good way to be treating clients if a business person wants to be in business for the longterm as I have.

So if you’re in one of those situations, I feel sympathy for you, but don’t feel like there’s nothing that you can do. There certainly is. So if you need some help, let us know. I’d be happy to try and help. But local government entities or the local attorney general, some of those other entities I think can probably help better to resolve the situation that you’re in.

So again, beware of wholesalers, beware of people like this that want to steal your house. If we can help, let us know. Thank you.

If you’d like additional information about how to protect yourself against wholesalers and how to identify them, just click here.

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