Philadelphia, Pennsylvania Mar 25, 2018 (Issuewire.com) - Michael P. Cohen, a real estate agent with Keller Williams® Philly, warns homeowners about the downfalls of selling their properties to the many wholesalers in the market. As the wholesale real estate business rapidly increases, Cohen sees more signs of potentially unfair and fraudulent transactions at the expense of sellers.
“Wholesalers are not regulated and work for themselves,” says Cohen. “They tend to negotiate unfairly low prices with homeowners, often for half or less than half of market value. They don’t have the homeowners’ best interests in mind.”
He added that wholesalers also charge commission rates of up to $20,000, which is much higher than the rate of a regulated realtor who can market and sell property for fair value.
There are warning signs to be aware of as a homeowner when trying to sell property. If a seller is presented with a purchase contract that contains the words “and assigns or assignees” or the proof of funds (POF) is a loan from a non-traditional lender, then a wholesaler is behind the offer, Cohen says. Wholesalers are after big profits and try to take advantage of a situation where the seller may be in a hurry to sell property—particularly sick or elderly individuals.
“Our priority is not only to get our clients a fair price when selling their property, but to get them the highest price possible. Seller beware of unregulated wholesalers.
Despite already having more than 20 years of experience in the real estate business, Cohen continually takes training courses to keep up with market trends. This positions him to help his clients get the value they deserve when selling a property.
“No matter the real estate environment, homeowners can work with us to close the sale with maximum money in their pockets,” Cohen adds. “Don’t get cornered in to a bad deal with a wholesaler. Use a licensed, educated real estate agent who has the most experience in Philadelphia.”
Cohen is a leading real estate broker in Philadelphia and has sold more than 300 houses in Philadelphia in 2017.
About Michael Cohen & Company of Keller Williams Philly
Michael P. Cohen is a real estate agent with the Keller Williams® Philly based in Philadelphia, PA. He specializes in hard-to-sell residential and commercial properties in Philadelphia. Learn more at www.PhillyReo.com.
Media Contact
Michael P. Cohen Team, Keller Williams Philly MSKJ@comcast.net 6103317213 728 s Broad Street Philadelphia PA 19146 http://www.phillyreo.com
