advice when you can't find a cashbuyer for wholesaler
what to do when you have a property under contract but can't find a cash buyer. has anyone here has experienced something like this, if so what did you do to resolve it. any comments will be appreciate it.
- Investor
- Austin, TX
- 5,503
- Votes |
- 9,861
- Posts
You either close on it and list is again (wholetail) or drop the contract and lose your option money.
@Christina Venegas what steps have you taken to connect with cash buyers? I would imagine if the deal is good you might be able to connect with someone on another cash buyers list. I have a friend who works with a lot of cash deals here in SD if you would like!
Quote from @Eliott Elias:
You either close on it and list is again (wholetail) or drop the contract and lose your option money.
By option do you mean the earnest money deposit?
- Wholesaler
- Irvine, CA
- 408
- Votes |
- 725
- Posts
@Christina Venegas I think the phrase "cash buyer" is used too much in our industry, and by people who are new. Sometimes the best buyers for the property are ones who are going to use debt, but usually it's hard money or a local bank/lender who understands the type of asset their borrower is buying, i.e. a fixer that may not be in perfect condition. Anyway, there are a lot more details needed in order to help you. I'm in OC, an hour from SD, so I may have buyers, and/or can help you figure out next steps. Feel free to DM me.
-
Real Estate Agent
- Cash Source Homes
Quote from @Nicholas Coulter:
@Christina Venegas what steps have you taken to connect with cash buyers? I would imagine if the deal is good you might be able to connect with someone on another cash buyers list. I have a friend who works with a lot of cash deals here in SD if you would like!
could you give me his information. i found a deal in escondido ca and i dont have any cashbuyer
Hello Christina,
Would be delighted to look at any deals you have in San Diego.
Happy New Year.
- Agent Sales Representative at BiggerPockets
- Fort Collins, CO
- 80
- Votes |
- 150
- Posts
I advise all wholesalers to start with building a list of cash buyers before you even worry about sellers that way this never becomes an issue. You learn how to comp, structure deals and have the confidence to be able to perform on the transaction. A buyer is literally taking your position on a contract. You have to act like the buyer. You got to the deal first and that's where your value comes from. Cash buyers don't have time to cold calls, do internet marketing, talk with dozens of agents, etc. They have enough going on with managing projects alone. Find cash buyers first of at least 10-50 solid buyers and then go hunting for deals.
If you haven't found someone to buy it then maybe it's not a good deal. People worry too much about having "cash buyers". Dispo comes easy when you negotiate a good deal first
How quick does the current owner need to sell the home? If they understand that groundwork has already been started, they likely don't want to re-start the process themselves. Get a CTA/ extension signed and keep marketing, or 'sweeten the pot' and offer to pay them an extra $500 for an extension, and deduct it from your expected release fee when you do find an end buyer