Buyer Shenanigans that cost you THOUSANDS

Añadido: 2026-05-23

[00:00:00]if your buyer is the real deal or if they're going to make you squeal on closing day and they start kind of ghosting you and they start disappearing and then they take the keys with them.

[00:00:10]Don't let these showings blow up.

[00:00:12]Closing day renegotiation.

[00:00:15]Oh my god. That is mortgage fraud 101.

[00:00:20]That will land you in the pokey that fast.

[00:00:29]What's cracking YouTube? Jamil here and in today's video we are going to talk about buyer shenanigans. All right, so 7,000 wholesale deals in. I can tell you I have seen all of it. All of it. And I get so many questions from people asking about what can I expect when I'm working with a real estate agent, what to expect when I'm working direct to seller. And then every once in a while, I get messaged by a dispo genius. Somebody who is dispositioning houses for wholesalers. Maybe they're doing JV deals. Maybe they're just running a really efficient wholesale operation and they want to sell their own deals. The fastest way to double your income is to literally do your own dispositions, right? And so, one of the things that I've been asked by a lot of people is, hey, you you don't talk a lot about some of the things that buyers will do. like what are some of the biggest and most crazy shenanigans that you've seen buyers pull on a repeat basis so that we can look out for these types of problems? And so in today's video, I'm going to go down a list of buyer shenanigans so that you can literally see what's going on and you'll be able to almost fortune tell if your buyer's the real deal or if they're going to make you squeal on closing day. So, let's start with the first one. Now, this I'm going to preface with it's not an issue for me when this happens, okay?

[00:01:49]But when you are trying to sell a deal and you send out a blast or you send out text messages and you get somebody reaching out to you right away and they seem super hot to trot, they're like, "Yeah, send over the assignment. I like it." D and it's like they sign it right away. And then you send them wiring instructions for EMD and it starts to get weird and they start kind of ghosting you and they start disappearing and they're taking a long time to answer the phone. And then they all of a sudden say, "Hey, can I get access?" They're not talking about the EMD. They're not doing anything with regards to how they're going to open escrow. They want access really badly. And you can tell that they want access before they're going to put in EMD. So, what does this tell you? Typically, this tells me that I'm working with a wholesaler. Yes, it's a wholesaler. It's not a real buyer.

[00:02:35]Now, again, like I said, I have no problem with this because this is my literal business model building keglee.

[00:02:40]We would JV deals with wholesalers all around the country. I love disposition wholesalers. I love it when there is a small chain in a wholesale deal. That is awesome. More people winning, more people getting blessed. As long as the buyer is good with the end number and it still makes sense for them, then so be it. Let everyone eat. That's the way that I feel about it. But the reality is is when you have a wholesaler who is pretending to be the end buyer, that just degrades all kinds of the relationship cuz you can't trust what's going on anymore. They didn't present themselves in the light in which they were really operating, right? Cuz their goal was to wholesale the wholesale deal. It was never to buy it. It was never to close on it. And so one of the ways that you can avoid this is in your assignment have a non-assignment clause.

[00:03:30]Essentially saying if a wholesaler wants to reassign your deal or if your end buyer wants to reassign your deal, they need to have expressed written permission from you to do so. That immediately will stop them from wanting to sign that because they'll see, oh, I'm expected to close on this in my own name. Well, that's not going to work cuz I'm not the real buyer. And then they will come clean with you, right? Right?

[00:03:53]And so adding that one little clause is a great way to, you know, see the problem before it happens. And so another one of the things that I like to do is just flat out ask. If I'm getting any indication that the person I'm dealing with is not an end buyer, they're a wholesaler, then I want them to tell me. And I'll just flat out ask, "Hey, by the way, are you by chance wanting to reassign this to somebody again? I have no problem if you do. Just let me know what's going on so that I can work accordingly." And then all of a sudden the truth starts coming out and they're like, "Yeah, I just, you know, I got a buyer who really likes this area, blah blah blah blah blah." Cool. Then go ahead and show it. The thing that's really terrible about this whole thing when wholesalers do it is as the wholesaler who's now thinking they've signed this deal and if that deal doesn't go through, if your buyer doesn't end up buying it and you end up cancelling and ghosting and now I've got this wholesale deal back, the fastest and most easy time to sell a deal is in the first day that you send the deal out. Once a deal lasts over 24 hours, buyers start to think there's something wrong with it. And if you've got to resend a deal out second and a third time, it's the kiss of death for wholesale deals. This is where you're going to get lowballed by your buyers.

[00:05:08]You're going to get people waiting you out to cancel. It becomes a really murky situation when you've got to try to resell a deal you thought you'd already sold. So, wholesalers, if you're watching this right now, and if this is your business model, try honesty. I promise if you're just straight up with the people you're working with, there's a really good chance that they'll be happy to work with you. And if they aren't, if you're dealing with a wholesaler who says, "You know what, man? I only want to deal with end buyers. I don't want to deal with you co-h wholesaling this." Then respect that. Don't go into that situation and try to engineer it in a way that's sneaky because you want to try to make a few bucks. At the end of the day, it's a small world. And when you're working in the wholesale space in your town, it becomes even smaller. Word gets around, people talk, and you don't want that kind of reputation. I am so grateful that I'm moved in good ways all the time in my dealings in Phoenix that I have a great reputation as a buyer. People will sell me a deal for less money than somebody else because my capacity to close is guaranteed. I'm not going to walk away. I'm not going to cancel on a deal if I've if I've committed to buying it. Rest assured, I'm going to buy that house. Right? And so, again, if you're a wholesaler and you're co-holding deals and you are presenting yourself as an end buyer, I promise you that's not going to go very far for you. All right.

[00:06:36]Number two. So, you've got your wholesale deal out into the world.

[00:06:40]You've sent out your email blast. You've sent out your text blast. And you're starting to get people wanting to see the property. and you've got a good deal on your hands cuz you're getting a lot of action right now. What ends up happening sometimes and buyers who do this, man, they are the worst when they go in and they find out where your keys are in your lock box or if you've hidden them somewhere and then they take the keys with them. It happens, especially if they want more time to make a decision on whether or not they want to buy the deal. Some buyers are slow AF and they got to talk to their spouse.

[00:07:14]They got to talk to their friend, they got to talk to their contractor, they got to talk to their attorney, they got to talk to the wall, all the things, right? They there's just slow people out there sometimes. And especially when you have a really good deal that a slow buyer wants, they'll do some absolute to try to get that deal without having to commit to it outside of the comfort of the timeline that they want. And so they do weird things like hiding the keys because they know other buyers are likely not going to just buy it sight unseen. So they're mostly going to want to get in, especially if it's a house that needs a lot of rehab. So buyers will hide the keys. This is the worst.

[00:07:53]And so I always make sure that I communicate to the buyer that, hey, there's keys there. Please make sure you put the keys back. And if you can send me a picture when you're leaving of the keys back in the lock box so that I know they've been put there. That there lets them know I'm not messing with you, bro.

[00:08:12]I got your game and I'm ahead of you.

[00:08:15]So, don't you be daring to hide those keys cuz I'mma slap you. Now, one of the best ways to avoid any of this is go to your showings. I'm serious. This doesn't help virtual wholesalers. Of course, you're not in the town that your deal is in, so this necessarily isn't for you.

[00:08:29]But if you are local in the area where your wholesale deal is being sold, go see meet your buyer. Be there to make sure that they're not doing any weird stuff like talking to the seller or talking to the real estate agent or both, right? That can blow your deal up.

[00:08:43]I'll get into that in a future point here. But going to your own showings, oh my god, it's the best way to make sure that you build a better relationship with your buyer and that you can kind of stop your buyer from doing any weird things that they may do. All right, number three. to add on to what we had just talked about the buyer blowing up a showing. When a buyer blows up a showing, it is the worst worst thing.

[00:09:07]So, here's how it happens, right? Buyer comes, they start talking to the real estate agent who you might be working with and they start telling them what's happening. They're like, "Oh, yeah, you know, oh, how do you know J? Oh, yeah, he's a wholesaler. I bought lots of deals from him. This is a wholesale deal. So, do you know how much he has this under contract for? I just want to make sure I'm not overpaying." And sometimes the the real estate agents are like, "Well, I I don't really understand what's going on here, especially if you haven't like fully fully fully explained the process of how this wholesale transaction is going to go through to your real estate agent." Now, I disclose in all of my contracts that I may wholesale or assign the deal. It's always in there. So, the disclosure is there, but sometimes agents don't read the disclosure. They don't know or they are not paying attention to what is happening in the contract. And so they miss that part and then they get confused. And so that's problematic.

[00:09:57]Now, sometimes you explain to the real estate agent what's happening, but they don't tell their seller what's going on.

[00:10:03]And so then you get a buyer showing up and they start talking real loud to the agent about what's happening. And then the seller overhears. And then you've got a problem where the seller is like, "Well, hey, hold on a second. Who what is going on here? Aren't you the person that's buying the house? Wait, you're not that guy. So that guy's selling it to you. How does that even work? And now you've got all of this murkiness. You've got all of these problems. You've got your seller pissed off. You've got an agent angry at you. And the buyer is running shenanigans cuz they hope it blows up. In fact, what they're typically going to do when they have a move like this is they'll say to the real estate agent, "Maybe you can make a little bit more money and your seller can make a little bit more money if we blow this deal up with the guy that you're in contract with cuz I'm going to be the one buying this house. So, why don't we all just make a little bit more and let me save some money and cancel the deal on that guy and I'll just buy it from you guys direct. Now, it's funny because there was a buyer in Phoenix, Arizona. I'm going to say his name, Michael Wis. Michael Whis was at a property that I was wholesaling in Phoenix, Arizona. You'll remember this, you weirdo. So, we show up to the house.

[00:11:11]He doesn't realize who I am. He doesn't know who I am. This is before I popped on social media. And so like I wasn't necessarily known to him, right? Well, he shows up to the property and he thinks I'm another buyer and he's pretending to be a buyer as well. And so he actually meets me at my car. He's like, "Hey, are you here to see this house?" And I was like, "Uh, yeah. Why?"

[00:11:32]He's like, "Well, hey, let me talk to you, man." And then he says like, "I got a way better deal. It's just around the corner. You want to come and and see mine?" Like, what the f, dude? THAT'S MY BUYER. I SENT HIM HERE AND NOW you're just trying to sit here and and and run interference on my buyers, bro. Come on.

[00:11:49]Right. So, needless to say, Michael Wis no longer does uh really any business in Phoenix, Arizona, cuz I smacked his ass.

[00:11:58]And I told everybody he's a stupid weirdo. And that's what people who act like that end up having to. You get blacklisted. So, do yourself and everyone else a favor. Don't let these showings blow up. Don't let a guy like Michael Whis come and piss on your deal.

[00:12:17]All right, number four. Now, I like to call this one the brutest betrayal.

[00:12:22]Okay, the brutest buyer betrayal. That's this one because this is where your buyer is just straight up going to the homeowner and showing them your ad. Like really just trying to blow the whole thing up. And there's a group in Phoenix, Arizona, Phoenix Wholesale Homes. You guys know who you are. So these guys, they they actually stopped doing deals in Phoenix as well. They got run out of town because what they were doing is they would wait for wholesalers to send out their deals and then they would go right to that house, talk to the homeowner, and they would say, "Hey, what are you in contract for on this house?" And they would say, "Well, for this much." They say, "Okay, look, I'm going to give you an extra five grand.

[00:13:01]Why don't you and I go to the title company right now and we'll close this deal." like they do it on a rush and then all of a sudden your seller isn't picking up your phone calls. You can't the keys are gone from where they told you they were going to be and then you get a notice that it recorded at some other title company and then you realize what happened that your buyer or somebody on your buyer's list went and pulled a fast one on you. They went right around you, went right to the seller and they did a fast deal. So, how do you avoid this? You tell the seller that this will happen. you tell the seller that this will happen. You'll say, "Listen, guys, I'm going to be honest with you. I'm an investor, and as soon as I start looking at deals, as soon as I start talking to my network about what's happening, every once in a while, you get some jealous guy, some weird dude who goes in and and tries to blow things up. So, I'm telling you now, there's a high chance, there's a good likelihood that somebody who's a little jealous of my success and what I've been doing in town here will come and probably approach you and try to buy this house directly from you, trying to kind of cut me out of the deal. They may promise you more money. That's not going to end up working out. Plus, we are in contract. And I do understand that you're a noble person. I'm a noble person as well. I keep my commitments. I expect you you do the same. And so let's just not let something like that happen.

[00:14:22]Can we agree to that? And having that conversation ahead of time, disclosing the opportunity that somebody might take to do this is so so forward thinking.

[00:14:32]It's such a smart thing to do cuz you've disclosed, you've explained what the whole landscape is to your seller and then they're watching for it. And I'm telling you, when a seller then sees this kind of action coming towards them, they typically get grossed out by it because you've already warned them.

[00:14:48]you've already told them that these people are probably going to come.

[00:14:52]They're not good news. And then they become part of your team. They want to like tell these guys to f off too. And when what's really cool about it is I the reason I even found out that these guys were doing that is when I said to a seller, hey, look, this is probably going to happen within the next few days. Someone's going to come. Can you do me a favor? Can you just collect their names? collect their names and if you can get a picture of them because I need to know who in my little network is doing this because it happens quite often. And that's how we caught them. We caught them. We caught them. It was so good. I like sent it out on an email blast. I'm like, "These monkeys here, these idiots, these are the guys." If any of you have had people coming around and knocking on your seller's door and trying to buy a deal that you had under contract and then you see that it closes in like 3 days after you sent it out.

[00:15:44]These are the guys who have been doing it. I have confirmation. I've got a statement here from a seller. Needless to say, those guys got ran out of town as well and they no longer do business.

[00:15:53]So, good job, folks. All right. Number five, the EMD string along. Now, some of you guys will recognize this because it's super lame when people do it. And I don't I don't even understand what the purpose of it is, right? But when you've got a guy who says, "I'm going to buy this property from you." and he's a real buyer, like a legitimate buyer. And then they don't get an EMD. Then they don't answer your call. And then they don't respond to the title officer. And then a day goes by. And then two days go by and you're stuck cuz you're caught in contract and they need to sign a cancellation in order for them to even get out. And so I've been in a situation where I sold a a contract to a buyer.

[00:16:35]Buyer fails to put up EMD. I had to let the entire contract expire before I could get that guy out. So, I've added language to my assignment that says the assignment is null and void if earnest is not deposited by a specific time and date. And that is my cancellation clause. So, if you don't already have this in your documents, go to jdamg.com and you can find a free contract in my website there, the free assignment contract. It has this clause in it.

[00:17:07]It'll save your ass. I'm telling you, when you get into these spots and these buyers string you along and then they don't actually end up depositing EMD and you're stuck in contract with them, it's one of the worst things that can happen because you're literally like screwing the seller, you're screwing yourself, you're screwing the agent. This buyer is nowhere to be found and nobody can do anything about it, right? So that one lack of of foresight, that one little clause missing from your assignment contract, it can save your booty. So again, if you don't have this clause in your contract or if you're wondering what that clause even looks like, go to jdamg.com and just download my free assignment template that will help you.

[00:17:52]Hands down probably the best document for assignments that we've ever seen.

[00:17:56]All right, number six. Now, this one got me a little heated. Okay, this one's like really distasteful. And there are just some people who are known. They were known for doing this. Now, I would name names. You guys know I don't I'm I'm not shy of naming names, okay? I'm not going to name names of this specific thing because this buyer and I we've actually become friends. And I learned that that even though this is one of their shenanigans that they like to do on closing day, there was no hard feelings. It's just he can't help himself. He's just who that guy is. He needs to do this, right? So, anyways, needless to say, I don't sell him a lot of deals anymore because I'd rather just be friends with the guy than have to deal with the shenanigans. But closing day renegotiation. Oh my god. Oh my god.

[00:18:46]Like, what BS is that? You wait till closing day and then you come and tell me, "Yeah, I'm happy. I'll walk away from my earnest deposit unless you discount this 15 grand, like your entire fee or very close to your entire fee.

[00:19:02]So, they find out how much you're making and then they decide how much they want you to make and then they just strongarm you because they know if you're a wholesaler, you're not likely well capitalized. You probably don't have a hard money loan set up to close on that day cuz you're expecting your buyer to close, right? And so because of that reason, you're now in a vice. They've literally put you between a rock and a hard place because what are you going to do? They're saying, "If you don't lower your price by x number of thousands of dollars, I'm not going to close on this today." And then you're going to lose your earnest money. I sure I'll lose my earnest money, but I don't care. And when they have that kind of attitude, like, yeah, I'll walk away from five grand to save myself 20 grand on this house. That's like really, really, really hard chess to play, right?

[00:19:52]Because they stand to gain so much more by you renegotiate, by allowing the renegotiation to happen. And you stand to lose so much more by not letting it close. You could wreck your relationship with the agents. You might wreck a relationship with a seller or both. So, I mean, it it's just not good, right?

[00:20:10]It's just not good when people do that.

[00:20:12]So, how can you avoid it? How can you make sure that a buyer is not going to pull these types of shenanigans on closing day? Well, you need to be monitoring their pro progress in getting their deal together throughout the entire escrow. One of the biggest failures that you'll make as a wholesaler is not checking in with your buyer constantly. If they're getting a loan, make sure they have their loan docks at title 3 days before closing. In fact, we typically have our buyers deposit cash or loan docks within 48 hours prior to close. And we need to see that it's been done because then we know the buyer is not they've already got a loan processed. They've already got their cash sitting at escrow. It's ready to close. They're not going to be doing any like lastm minute shenanigans. And if they refuse to do this, then you know, or you may know that this guy's going to pull some weird stuff on you at closing day. So to avoid it, don't give them the opportunity, right? Just don't give them the opportunity. And I'll tell you, it's really frustrating when they do this. But if you set your contracts up and if you make them deposit their money 48 hours prior to the close of escrow date, and then if they don't do that, then you know you've got a problem. Then you can go and initiate or originate your own hard money loan to close it. or you can bring in a transactional lender to help you close it so that this buyer can go and you can put another one in. There's just so many options when you know something is going to happen 48 hours before it happens because now you can maneuver, now you can plan and now you can pivot because you'll need to pivot. That's why it's so important that if you're wholesaling, get to know a transactional lender. In fact, I'm one. You can go to flipcashtoday.com. If you want me to do a transactional loan for you on any wholesale deal, I'm happy to do it. I I typically charge 1% or $1,000, whichever is greater. Okay? So, again, if you need transactional funding, go to flipcashtoday.com. I'm happy to do that.

[00:22:13]But have someone like me in your back pocket, somebody who can come in, send a wire, close a deal for you in case your buyer does some BS. Because once a buyer knows that you're well capitalized, that you can close your deal, and that you're not like relying on their money to close, then they don't do this kind of stuff. They stop with the strongarmming because they can't strongarm a strong man or a strong woman, right? Because you've already set yourself up. You got your money, right? So, have these things set up for yourself. Make a good relationship with a hard money lender.

[00:22:45]Make a good relationship with a transactional funer like me. Have a better relationship with your buyer so that they don't do this. and let your buyers know that you're not some nambiby pamby wholesaler. You can close on your deals if you need to. You you can get somebody to send in a wire like this, right? That kind of person becomes very dangerous and well respected. All right, number seven. This one is crazy.

[00:23:10]Absolutely crazy. It was one of the like I was so enlightened by how the buyer pulled this off. So, I have a wholesale deal. Okay, I assign that wholesale deal and I'm on a Arizona Association of Realtors standard contract because it was a deal done through an agent. I assign the deal to my end buyer. Now, because lots of my buyers use cash andor hard money, when I'm writing my contract, I always write it as cash andor hard money. Now, that andor hard money is where I got screwed because what that essentially said is that there's a chance I'm going to get financing on this. Now, here's something that even agents don't know, but a buyer can submit a loan denial to title 72 hours prior to close of escrow and cancel and get their EMD back. really, even if they've signed a non-refundable assignment with you, even if they've said, "Hey, I'm I'm forfeiting this money, that loan denial will supersede it." And because you assigned your contractual rights to that person, now that person is essentially entitled to all the benefits of that contract, including the capacity to cancel if their financing falls through. So, the loan denial, it's one of the cheekiest, most like surreptitious ways to get your EMD back and cancel on a deal. Like, if you're going to if you want to blow a relationship with a wholesaler, do this Like, this one right now, I'm telling you, it's like a smack in the face and then spitting in the mouth after you slap their face. Like, that's how disrespectful this is. It's the worst thing, right? Um, but on the other hand, if you're on the receiving end of this, and let's just say you're stuck in a buyer, you're stuck in a deal, and you really, really want to get out of the deal, I'm the guy who would close a deal. So, if I'm in a bad deal, I'll just suck it up. I'll just buy the deal.

[00:25:07]I'm not going to ruin my name. I'm not going to put a wholesaler in a bad spot.

[00:25:11]I'm not going to do anything like that.

[00:25:13]I'm going to make sure that I got my stuff together. But if you're in these spots, you want to make sure you really want to make sure that you're going to do this with like really really good optics and that you're not going to like, you know, completely ruin your name in a city. But this is a way to get out of a wholesale deal that you've committed to that you no longer want to buy. Sorry wholesalers. I mean, look, it's better you know now, right? It's better you know now that this could happen. And buyers, it's better you know that this is an option. and wholesalers, it's better you know this, too, because they could cancel up to 72 hours prior to close. So, just beware. All right, number eight. This one breaks so many rules and and laws that it's like, I can't even believe that someone would do it, but I've had a situation where I signed a deal to a buyer and it's a vacant house, right? Well, they get all gung-ho about starting their renovation and they actually start their renovation before they close. So, they go in and they start demoing the house. I literally had this happen to me on a h I'm in I'm in New York City, okay? I get a phone call from a wholesaler, a JV wholesaler, and he's yelling at me on the phone, and I'm like, "Bro, what's wrong with you? It's like Christmas.

[00:26:24]What? Like, chill out." HE'S LIKE, "YOUR BUYER is renovating the house. HE'S DEMOED THE effing house. HE'S DEMOING THE EFFING HOUSE." And I'm like, "What?

[00:26:32]No, there's no way. Who would be that dumb?" He was that dumb. He was literally in there with a sledgehammer on his own tearing out the kitchen. And I'm like, "What are you doing, dude? You don't own the house yet." He's like, "Yeah, I'll own it on Monday, though."

[00:26:44]I'm like, "That's Monday. That's Monday.

[00:26:48]It's Friday night. Why are you in that house right now? Why are you doing anything right now? Do you understand how much trouble you're in? You right now, you are not only breaking and entering, you've trespassed, and now you're committing property damage. Like, that's three felonies, dude. You're literally three felonies deep. get the f OUT OF THAT HOUSE. AND so I had to walk that whole situation back. It was a nightmare because the title company found out that that happened. Now, some of you guys will realize that title companies have been doing pre-closing inspections to make sure that no work has been started before close of escrow.

[00:27:28]That's how dumb some buyers are. that this has become a thing that title companies and escro officers have to have people attest to because buyers will go and pull this kind of stuff to save a couple of dollars in hard money fees for one or two days. Like come on, man. Like, can you be so cheap? But sometimes they are. So, watch out. All right, number nine. Now, this one, unless you're really really like aware of laws and how they work, this one, it it sometimes it'll get you not only in trouble, but it very likely will land you in prison. Okay? And this is when a buyer wants you to commit mortgage fraud. And they do it like with they're typically like super nice and they say to you, "Hey, man. So, I need you to do me a favor. I'm going to buy your property. I'm going to buy your contract at the price, you know, like we've agreed to 150 grand, but what I need you to do is I need you to send me a contract for 200. And then after close, I want you to send me back the extra 50 cuz I want my lender to pay for my renovation. And you might think, "Oh, smart. Yeah, why why doesn't everybody do that?" And sometimes you you do it.

[00:28:43]I've had people in the Astro community bring this to me on a coaching call and I'm like, "No, don't do that. That's called fraud. That's 1,000% fraud, guys.

[00:28:54]That is mortgage fraud 101. That will land you in the pokey that fast. You cannot lie to a lender about how much you're paying for a house. If you're paying 150 for a house and 50,000 additional needs to go for renovation, that has to be ex explicitly said on the contract. You can't pretend you're buying it for this much and then kick back money. That that's a whole crime.

[00:29:18]Like a actual crime. So if you have buyers that are asking you to do this, understand that you're skating a line of fraud and no one's going to visit your ass in jail, okay? And I'll make videos about you. So don't do it. Like this is not worth it. No amount of money, no amount of money is worth you spending time in custody for this kind of right.

[00:29:43]So just don't do it. If a buyer wants you to over sell them a home for them to be able to get kicked back mortgage proceeds, mortgage fraud done. Mortgage fraud. they can and I bet you they're at some level under investigation and at some time in the future their transactions are all going to get unraveled and you may think you've gotten away with it but you know they have up to seven years on the statute of limitations to come and get you for fraud. So if you have been a party to one of these transactions sleep well.

[00:30:19]All right number 10. This is when a buyer really understands the contracts and when you assign them your deal, they actually take your EMD. I've had it happen. So, I put down a $10,000 earnest deposit when I was buying a home from a seller. I really wanted the deal and I really wanted them to see that I was financially capable. So, I was aggressive with my EMD. I assign this deal to a buyer and the buyer goes into the title company and says, "Well, I've become this the contract holder now because it's been assigned to me and this contract has a $10,000 credit for earnest money. That's now my earnest money." And he was right. So, I ended up making nothing on that deal. I was supposed to make 10 grand, but instead the buyer essentially took my EMD as a credit for his purchase price. And then the 10 grand I was supposed to make, I just got back as a refund of my earnest deposit. I was so shocked that I got had like that. But when buyers understand what they're doing, I can promise you this wasn't that buyer's first rodeo playing a game like that. They knew exactly what they were doing. Exactly what they were doing. So, you of course need the correct assignment and the right verbiage in your assignment that explains the where the EMD is going to be deposited, that it's an additional earnest deposit, and that the original earnest deposit is going to be refunded back to you. So, all of that has to be again expressly dictated or defined in your PSA or your assignment contract.

[00:31:55]Again, if you don't have these documents, go to jdamgy.com.

[00:32:00]There's an AB contract in there that you can have. There's an assignment contract that you can have in there. They will protect you. And I'm I couldn't I couldn't express this loud enough. Use the right documents. If you don't use the right documents, you're going to find yourself in a bad heap of stuff.

[00:32:18]All right. How'd you guys like that?

[00:32:20]Right. The 10 buyer shenanigans. I hope that you took some notes. Now, I know that a lot of you watch this channel and haven't subscribed to me yet. So, if this one helped you, do me a favor. Hit the subscribe button, hit the like button, and there's a little section right now that you can hype this video.

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[00:32:51]because it'll help me get more views and the good karma will come back to you tenfold. Until the next one, I'm Jamil and we'll see you then.