How would you work this?
Please don't laugh if I'm going about it the bass ackwards way. Here's the story. I am a licensed NJ agent and a new investor. I got a lead for an estate sale. Went to see the house with my wholesaler mentor. The seller wants more than we're willing to pay. On a whim I posted the property on Craigslist, and I got an interested buyer the next day! I showed the property to the buyer and gauged what he would pay. I never discussed money in front of both buyer and seller together, only separately in private. It seems buyer wants to pay $200k and seller wants to get $200k. Now both are waiting for me to act. Knowing that a buyer is interested, my mentor tried to lock up the property at $185k cash but seller refused. What's the best way I should go about it? Should I get the property as a listing and try to negotiate a higher commission? Should I "buy" the house and assign the contract to the buyer? Any suggestion is appreciated!
** I should add the buyer is putting 20% down but will require bank financing, and the house needs total rehab. And of course I have to share my proceeds with my mentor and referrer. Gotta spread the wealth! :)