Buyer beware! This company and it's owner have some highly questionable and very concerning practices that are scam natured in origin. I found a few properties that I was interested in purchasing. However, like all good sales people. It all sounds good until you start digging and asking common sense questions. I was interesting in purchasing property, but upon communication Phil stated that he would send me the contract and that I should "wire" him the money first. I found this odd since you always put money into an escrow with a title company and then after making sure nothing is wrong with the title, you go to settlement and then funds are released to the seller.
This is where it get's really interesting. The title company owner (Jennifer) responds after 10pm (EST) that she can answer any question the next day. Surprising...a title company that responds that late at night? Questionable.... I asked one simple question. Is there a reason why I cannot transfer the money into an escrow account to be held until everything clears and for settlement.
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Email Excerpt
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Hi Shea, due to the amount of increasing claims/lawsuits, my underwriter does not recommend that I hold EMDs anymore. I am not saying that I can, but it is up to your agreement with Phil. Let me know
thanks
Jennifer L. Alter, Esq.
Eagle Premier Title Group, LLC
1118-C Light Street
Baltimore MD 21230
Phone (410)-727-1371
That's pretty odd. Then I start to Google "Phil Collector" and his company and check https://egov.maryland.gov/BusinessExpress/EntitySearch for "Intercoastal Investments" and started to see a LOT of issues with buyer's deposits disappearing after sending Phil Collector their money.
Then, even more genius...he sends an email saying to "Please Remove" me from his sale listings on http://www.baltimorewholesalehouses.com/.
Phil verbally communicated that he "buy's properties from people and then put's them under contract and then he creates an LLC with the property name and then transfer's the property to the buyer at settlement" through Eagle Premier Title Group.
After stating that I would not transfer money to his company or him, but only to an escrow which would be released at settlement, his true behavior became revealed. He went from kind and nice to very nasty.
Thank you so much for saving me thousands...Stay away. Use real auction houses and real estate agent processes. read more