Rental Property Investor · TN · Member since 2018 · 2k+ posts · 2k+ votes
7y
You should. That takes away the 'something changed' from when we entered into the contract to when the contract closed.
Maybe the buyer expected that the appliances were staying and they are gone or maybe there was a kitchen fire since the buyer last saw the property or maybe 'swept clean' in the contract does not mean that the couches and piles of trash should remain and there they are.
If you are Wholesaling a property "As-Is", will it be necessary to do a Walk Thru with the End Buyer?
Once you have assigned your P&S and assign it to your end buyer, they have taken your place in the original contract. At that point they are in direct dealings with the seller, not the wholesaler, correct? I'm unsure exactly how it works, but I imagine they would be asking the seller to view the house prior to closing and not the wholesaler.
Investor · Richmond, VA · Member since 2013 · 347 posts · 191 votes
7y
I have bought several properties from wholesellers and I have never had to deal directly with the seller. As far as I am concerned that is part of the work that the assignment fee is meant to cover. The seller has developed a relationship with the wholeseller and has no idea who I am. Things could really fall apart if a new person enters the deal in the late stages. If you have a good enough relationship with the seller that they agree to work directly with the end buyer to arrange times to see the property that does simplify the coordination but it is not without risk for you and your deal.
I have bought several properties from wholesellers and I have never had to deal directly with the seller. As far as I am concerned that is part of the work that the assignment fee is meant to cover. The seller has developed a relationship with the wholeseller and has no idea who I am. Things could really fall apart if a new person enters the deal in the late stages. If you have a good enough relationship with the seller that they agree to work directly with the end buyer to arrange times to see the property that does simplify the coordination but it is not without risk for you and your deal.