Wholesaled property not selling... Do I say something?

2 Replies

I recently wholesaled a property for a comfortable profit. There was plenty of room in the ARV versus buying price for the final purchaser to rehab and sell the property with a nice tidy profit.

For knowledge and experience reasons, I followed the property on Zillow and saw that within two weeks the property was listed on the MLS and thusly, Zillow.

But there was little to NO work to the property.

I thought, "Maybe he knows it will sell without work. I'll just watch and see."

After over a month I have seen over 2000 visitations to the Zillow listing with less than a dozen people saving the property.

I personally think it is due to the state or certain rooms, general condition of the house and the high asking price.

Would you voice your concerns and observations to the buyer, now seller? Or just leave it be?

@Richard Wormwood Did you tell him how much rehab you thought it needed to get the advertised ARV? The buyer ought to have been educated enough to know what rehab was needed on his own before he bought it, but then it comes back to how comfortable you are with the sales tactics you used with him when you assigned it to him. If you told him real world numbers and he just didn't do it, I don't think there's anything to say to him that you haven't already said. If you sold him hard with the 'let the buyer beware' mentality, you probably owe him a call at least.

I was upfront and honest.

I approach every property with the intent to flip if it doesn't wholesale.

So, the numbers were accurate and transparent. The buyer has just chosen not to do any work to the property and it has sat in a very hot market.