Updated 8 months ago on . Most recent reply
Novation situation. Need advice! New to wholesaling.
I have a first time novation contract that I've accepted an offer on and now realizing I'd be 7k in the hole after fees are paid. The seller has refused to come down on price. We finally have an offer that is 10K over what we have it under contract. Before realizing this, we accepted the offer made to us. Should we let the buyer know now or try one last attempt at getting the seller to renegotiate price down 20k? Please help.
Most Popular Reply
Hi Melissa,
Sorry to hear your going through this situation!
Need more context and stipulations of the novation agreement you signed before I can really give sound advice.
In the future you can include under additional terms and conditions a minimal profit clause to keep this from happening.
Was the loss outside of closing fees? Like repairs?
I would try renegotiating with the buyer and see if the Seller will take the difference.
Is there a broker involved? Can you negotiate commissions?
- Stephen Morales
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