Updated over 10 years ago on . Most recent reply
breaking contract with wholesaler
I'm asking for a friend here. Here is the quick situation.
He is a newbie, got excited and signed a contract on a property from the first wholesale deal he saw. 8 unit in houston. The wholesaler(who I think most of their deals SUCK) also has in-house lending. Lots of delays and drama....didn't appraise the first time, need more money down, ect, ect. Now he wants to back out because he is realizing the deal is horrible, which I agree. He paid the non refundable $3000 fee to the wholesaler and is fine with losing that. But now the lender wants $2200 to cover the appraisals that where done. I was surprised to hear a lender would do an appraisal without some kind of payment first. Should he pay the appraisal?
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#2 Contractors Contributor
- Severna Park, MD
$ 5200 is not chump change , but its a definate number . Get stuck in a bad deal and it could be 10 times that . Sound like your friend has just gotten an education , at a price .