Greenville, NC · Member since 2014 · 48 posts · 5 votes
Have a property under contract. It's a great investment property for rental or even flip. Talked the seller into owner financing which would be a phenomenal flip for any buyer. Anyways long story short found a buyer, gave him all the details he needed to know (ARV, comps, repairs, owner financing #s, rental income, flip profit etc) and he came back with the only way he could buy the property is to talk with owner and gauge how he can "help" him. That didn't fly well with me because I felt he was trying to undercut me on the deal. My question is does that sound fishy or am I just being overly protective of the properties I have contracted.
Something doesn't sound right with your buyer's intentions. A newbie wholesaler got a seller financed deal under contract and tried to flip it to me. I asked him if he would be OK with me contacting the seller and getting better terms because what he had negotiated wasn't very good. It was actually really not a deal at all. He gave me permission, I fixed the deal, then paid him a $5k for the lead. It became a great deal and I still own the building today so I'm happy to have paid him the $5k. There was no other reason for me to contact the seller except to salvage the deal.
You should ask your buyer what he needs to gauge? Are the terms good or is there something else he needs to know? Ask the right questions and you'll quickly learn if this guy is a serious buyer or just a snake.
@Matt Redden I would say find another buyer. If it's a deal, then finding another buyer shouldn't be too much trouble. Or just let your buyer know that you are the owner and he can help you by buying the property at your price. If you have it under contract, I can't see why he would need to speak with the seller.
@George Maka thanks man. That's exactly what I told him and he passed on the deal which is fine because I have other buyers as well. Just wanted some input. Sometimes you second guess your gut instinct. Thanks for the feedback though!
Something doesn't sound right with your buyer's intentions. A newbie wholesaler got a seller financed deal under contract and tried to flip it to me. I asked him if he would be OK with me contacting the seller and getting better terms because what he had negotiated wasn't very good. It was actually really not a deal at all. He gave me permission, I fixed the deal, then paid him a $5k for the lead. It became a great deal and I still own the building today so I'm happy to have paid him the $5k. There was no other reason for me to contact the seller except to salvage the deal.
You should ask your buyer what he needs to gauge? Are the terms good or is there something else he needs to know? Ask the right questions and you'll quickly learn if this guy is a serious buyer or just a snake.
The buyers is not a buyer but a wholesaler and apperently a bad one to aske such a questions. The true buyers I have delt with never cared who was the owner on title. If the numbers made sence then they could care less.
If you have owner financing on this deal at a wholesale price. Then you have a true deal(assuming you would not be over leveraged) and finding a buyer would not be to difficult at all. I wouldnt entertain him anymore and would forward his calls after the first ring.