HELP! An Investor Left Me Hanging

[Fitzgerald Hall]

Hello everyone, 

I have a property out in Cedartown GA under contract, 50 miles from Atlanta. I went through with the contract under the impression that the older more experienced investor who went to view the property and get the contract signed by with me would guide me through the process. Unfortunately this guy has disappeared and refuses to answer any of my calls. I also lost a lot of marketing time due to the fact that he said he had a few buyers who would be interested and if all else fails he would buy it. 

Of course none of this actually happened. So now I am scrambling to find a cash buyer in a rural area that I am not familiar with before my contract runs out. 

Theres more to this story but ultimately I would like to ask the community; How would you find a cash buyer in a rural area that you are not familiar with? If you couldn't find a buyer how would you explain it to the seller? 

Any help would be greatly appreciated. 

[Dev Horn]

Of course, I hope you find a local buyer, but...

If you need to back out on the seller, my policy is (generally) not to use the inspection clause or some other out, but rather to just call them and be honest about the situation.  Something like:

"I'm sorry to have to call and tell you I'm going to have to cancel the contract I made with you on your house.  My business is dependent on my partners, and they felt that we would have difficulty working with a property so far from Atlanta.  As much as I wanted to do this, it's just going to work out...".

Our - you can relate it to the standard inspection clause contingency and say, "Once we got to looking at it we realized it needed a LOT more work than I thought...".  And with $50K estimated repairs, there could be a lot of TRUTH to that statement!