Seller trying to lock me in.

[Account Closed]

So, I finally got my first deal rolling, however, the seller is trying to lock me in to purchase no matter what. Has anyone else encountered this issue? I sent him the contract and it sounds like he pretty much made amendments to keep anybody from getting out of the deal. I have yet to look at the actual contract but I'm pretty sure that is what he has done. He said he had his lawyer look over it and made changes so that if the other person tried to get out of it they would have a "leg up" on the other person. I have issues with this because I'm not a buy and hold investor AND I didn't get it for the price I initially quoted. I don't want to be sneaky or anything or put any verbiage in there that "tricks" him. Because I think that is just not a moral business thing to do. However, I do need to have a way out if once I shop it to my private investors they don't think it's a good buy. All advice is welcome!

Thanks BPer's!

Nick

[Paul Ewing]

I don't blame the seller in the least.  You gave him a contract to purchase his property with no intention of doing so.  That is immoral, unethical, and fraudulent.  You blatantly admit that and go on to say that you will be illegally trying to broker his property to others.  The pittance of earnest money shows you are not earnest in the least about fulfilling the contract.  And people wonder why wholesalers get a bad name.