Updated over 5 years ago on . Most recent reply
Should I walk away from my first deal???
Well I finally got over analysis paralysis and am scheduled to close tomorrow on my first deal. It’s a sfh flip with an estimated 20k profit scheduled to go on the market on May 1st. Now that the world has lost their mind over the corona virus I’m wondering if I should proceed or just give away the $500 earnest money. What would you do?
Thank you,
Jason Scott
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#3 Starting Out Contributor
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#3 Starting Out Contributor
- Real Estate Consultant
- Mendham, NJ
I wouldn't pass on a deal because of coronavirus. I don't think that will corrupt your flip or sale. The 20k profit is what I would be more worried about. If it's your first flip, that 20k will be 10k and will that be enough to make it worth it? But, you can't just walk away now and give up the earnest money. The seller could sue you for specific performance of the contract if you do not have a valid reason for walking away.
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