- Report: #1297210
Complaint Review: Baltimore Wholesale Property - Baltimore Maryland
Reported By:
StayAwayFromDiGiacomo! -
Jessup, Maryland, USA
Submitted:
Updated:
-
Author Confirmed
Why?
Baltimore Wholesale Property
211 E Lombard St, Baltimore, 21202 Maryland, USA
Phone:
443-863-8360
Web:
www.baltimorewholesaleproperty.com
Categories:
Business Rating:
(0)
Tell us has your experience with this business or person been good?
Baltimore Wholesale Property Daniel Digiacomo COMPLETE & TOTAL SCAM ARTIST!!! Baltimore Maryland
Daniel DiGiacomo's business Baltimore Wholesale Property is a total scam. I contacted Baltimore Wholesale Properties after viewing their website. I asked to view a list of some houses they were purporting to sell. When I asked to see one property which was boarded up, Daniel Digiacomo from the company said "Sure, take a screw gun and just replace & secure the board when you leave." I asked if he could show me the property since he was selling it. He said he was too busy.
I thought this was pretty ridiculous so I looked into the situation a little more and it seems this company does not own that house, or any of the houses they are selling. They are basically a random company telling potential customers to break into houses they don't own so they can somehow attempt to sell them the house.
I talked to an actual real estate agent about this and he explained how this company is able to do what it is doing. This company is not a real estate brokerage but a "Wholesaler' and is operating under a giant loop hole which many other states have already closed. Unfortunately Maryland has not closed this loophole yet. The majority of properties this company claims to be selling are actually legally listed for sale by Blue Star Real Estate (http://www.bluestarhouses.com).
What they do is sign a sale contract with Blue Star with an open ended close date. In their purchase agreement they are granted the right to market the property during the time between contract signing and settlement. So this company now has properties 'under contract' with essentially open-ended closing dates which allows them to market these mostly distressed properties as they wish and pretend they are a real estate broker. So you don't need to use Baltimore Wholesale Property to buy a property, you can just buy it directly from Blue Star.
If you look on his instagram he seems to think he is a bigshot: https://www.instagram.com/danieldigiacomo/
Here's him with the mayor!: https://www.instagram.com/p/7I7y5pxiLk/
Here's him holding a giant wad of cash: https://www.instagram.com/p/lfbNuhRiDX/
And here's him being sued by his ex-wife over child support payments: http://i.imgur.com/TfIresY.jpg
I guess it all makes sense some how...
So hopefully I've been able to share what this company is actually all about and save anyone from being scammed by Danieal DiGiacomo and his company Baltimore Wholesale Property.
BEWARE!!! STAY AWAY!!!
1 Updates & Rebuttals
fil
Annaqpolis,Maryland,
United States
Not a ripoff. The man provides a service.
#2General Comment
Thu, March 29, 2018
Real Estate wholesalers are not a service for everyone. They do however fulfill a niche in the real estate market. They facilitate transactions between sellers who are unable, unwilling or are just plain fed up with owning a particular peice of property and want it gone with limited hassles. The sellers frequently do not have the wherewithall to make repairs necessary to get the home to market. There is very likely a strong and legitimate relationship between Mr. DiGiacomo and Blue Star. He is the only wholesaler I have ever found that actually lists his property with a realtor and will pay a comission to a cooperating broker. It make no difference whether you go straight to him or to Blue Star. The homes he has under contract are still just as described by the complainant but there is nothing nefarious about this busines pratice. I am a Realtor and many Realtors engage in this process as well. It is firmly within the code of ethics provided the Realtor discloses his relationship to the transaction. I can see how it might appear shady and preditory but when done ethically it is quite a legitimate business practice.
