AM I IN TROUBLE???

Question

Okay so here's the deal:

I currently have a property under contract with the bank and my buyer backed out on me :(

The deposit is due today ( $2500 ) and my buyer who was originally supposed to pick it up backed out...

The property itself is an AMAZING DEAL!!! LITERALLY!

I picked it up at $116,000. The repairs are only $15 - $20k and the actual comp is $193,500.

It's a 4 bedroom / 2 bath with 2003 sq.ft....

So my question is what should I do?

Initially, my buyer was going to wire his funds for the full purchase amount to escrow but he's MIA :(

Luckily the bank doesn't have my deposit yet, but I know I'll have to turn it in by this evening....should I turn it in and find a buyer by friday?

Please help...I'm very new to this and this is my first deal!!!

Robbie Pollard · Answer

Are you sure your going to find a buyer by friday? I wouldn't give them my deposit unless i was 100% sure I had a buyer or some type of exit plan.

Scott M. · Answer

And what if you don't find a buyer - what are you going to do? Are you willing to do this amazing deal yourself? Are you willing to gamble the $2,500 that your going to find a buyer?

What would someone do with the home? A retail buyer - an investor - what wil it rent for each month?

lots of info missing to help you out.

AM I IN TROUBLE???

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