On Wednesday, I told you that I got screwed over by someone when they went behind my back to steal a deal from me. The Lord’s Prayer says we have to forgive others or we won’t be forgiven ourselves. That happened right about three years ago and I’m still a little angry about it. I’ve forgiven that person in my heart, by my head just can’t let it go. This just goes to show that even a guy like me who’s been in the business for many years can still suffer some of these blows. But it is good to learn from our mistakes, and part of my job as your probate coach is to help you get further way faster by learning from (and hopefully avoiding) the mistakes I’ve made. So here’s what happened: I had this property under contract and I was in escrow. But then the day before closing the seller called me up and said he wanted to cancel. I don’t tend to be the kind of guy that wants to force somebody to stay in my sailboat, but when you’re this far out in the ocean, there was a certain amount of work I put in to get us there. The seller gave me a sob story that seemed pretty legit. So I told him I would more than likely let him off the hook. But I know human nature. When someone wants to get out of a deal this close to the finish line, it’s usually because they got a better offer from someone else and their greed means more to them than their word. This wasn’t my first rodeo. I’ve been doing this for over 20 years so I had a contingency built into our agreement that said if they back out of the deal, they can’t sell to another buyer without my consent. Sure enough, the seller had engaged in an agreement with a buyer with whom I had shared the property as a potential wholesale purchaser. This unethical, sneaky bastard went around my back and went straight to the seller with an offer of his own! I got the last laugh though. My document protected me and stop them from being able to move forward on their back door deal. Do you know what this document is called? It’s called a Memorandum Of Purchase and if done correctly can save each and every single deal that tries to escape your hands from a dirty little sleazeball who tries to go around your back. Committed to your success, Ernie “I Got The Last Laugh” Vargas | The Probate Fox |
February 4
Investor with Small Thinking Mentality Tried to Screw Me Over
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