Monday, October 5, 2009

Got Burned On A Deal

Around the July time frame I was contacted by a company to help them find a buyer for a property they had under contract here in the Akron Ohio area. Basically I found a buyer for the property. Even though the property was a little overpriced for what they had it on contract for and the work that had to be done.

The company said they would have to renegotiate the contract with the owner to sell for the price my buyer wanted to buy at and then contact me for my fee. I thought the deal had fell apart and that was that. I was wrong.

Needless to say I drove by the property 2 months later to see someone was rehabbing it. Did a little research and found out that it was my buyer I set the company up with that was doing the rehab. They failed to tell me that he was buying the property for a next to nothing cost and said they couldn't pay me because they made just enough to cover their marketing fees and then some. Poor Excuse.

A $2,000 lesson well learned.