Wholesale Deal *Need Advice*

1 Reply

hello everyone,

So I'm in the process of acquiring a property through and agent on the MLS. (This is my first time dealing with an agent during a deal) . I made it very clear that I'm a wholesaler and he understood the process , so he accepted my offer but now he's telling me I need to show proof of funds in order to put the property under contact. Please help!

What do you guys suggest I do?

@Jesse Mundt

You need to have access to funds or financial backing before you bid on a property. You entered into a contract to buy a house and now the seller of said house would like you to prove you can buy the house. That's a pretty reasonable request. Generally, the time to produce proof of funds is covered in the real estate purchase contract and allows for X days to prove you have the funds on a cash offer. 

There really isn't anything for you to do except to try to find an end buyer quickly. Odds are, the seller is going to cancel your contract as soon as possible. If I were him, I wouldn't return your escrow deposit either, since you entered into the contract with no ability to execute it. 

-Christopher