Last resort. I need to move quickly!

4 Replies

I have a property under contract (I’m a Wholesaler) in Nashville TN (Rutherford County) to be exact. It’s a Hot market. I have a 2033 sq ft home with around 20k in repairs (it’s a great home) built in 1995, roof still looks great. Everything was set for us to close on this past Tuesday after running the title search we find out he refinanced so he owes $147,000. Comps on the home are between 210-220k and if the home is repaired it can sell on the market for $240k my problem is the owner who anticipated to get something at closing won’t get anything which has held up the closing because he wants to walk away with something. I have the home listed for 157k that covers what’s owed and what the owner wants...yea which doesn’t leave nothing for me. The buyer I had last minute said he can do it for 5k less. Home goes into foreclosure on the 22nd and buyer wants to close by tomorrow. He is not willing to renegotiate (the owner) or anything. It’s a great home, in a great subdivision, and it’s the biggest house there. It’s so last minute what can I do?

Updated almost 3 years ago

I GOT MY ANSWER TO THIS QUESTION - THANKS.

This house is under contract with multiple people it sounds like. He called me yesterday trying to get another contract on it. I would be careful with this one because from what I understand you are one of three people who currently have a contract on this deal (If its the same one but I cant imagine this scenario on more than one house in La Vergne). I would just move forward with some caution as this property its definitely going to have some legal blow back.