Help!!! Buyer's List Fails. What do I do?

20 Replies

I currently have a deal under contract that I found that I thought has a huge equity position. Now the buyer's in my list are unable to perform. The worst part is the one buyer I specifically found the property for I can't get a hold off. 

My question is how do I find a cash buyer quickly before my inspections run out?

Originally posted by @Christian Marin :

 Now the buyer's in my list are unable to perform. The worst part is the one buyer I specifically found the property for I can't get a hold off. 

Are they unable to perform, or are they uninterested in your deal? 

Is the buyer you found the property for tied up with something else and busy? Or are they blowing you off? 

So, either let it go or keep hustling for a buyer.  If the deal is that good, find the cash yourself. 

Define, huge equity position.  If you post the address here, some may be familiar with the neighborhood, and offer opinions.

@Verna M.

Two of the buyer's are unable to perform as they are under contracts with other houses. I have a few other buyer's that feel it is too much more rehab than they like to do as they like to do easy cosmetic flips. 

The buyer I had found the property for is currently out of the country as he sells overseas.

Thanks for the motivation. I'm just looking for any new ideas that people might have to find additional buyer's that I haven't thought off. 

Can't you renegotiate with the seller to get the price down??

That is often what happens in these situations. You see more equity upside and buyers see more work with more risk.

Mitigating that is getting the price down versus finding THE ONE BUYER who will pay your existing price before your contract time runs out.

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Nothing personal! This is what I don't like about "wholesaling". If you have the funds to perform if you can't find a buyer...that is fine. DO THE DEAL. Tie up one or one hundred properties. CLOSE ON THEM if you cannot assign the contract. Simply walking away leaving the owner with nothing but broken promises is wrong in my book! 

John Thedford, Real Estate Agent in FL (#BK3098153)

no body said he was walking away. 

You can get hard money on it. 

See if your buyers will privately lend on it. 

JV with a wholesaler in your area.

Use the drunk letter. 

Next time make sure it a house most of your buyers will want not just one. 

Make it a house you would be willing to keep if you needed to. 

In Georgia the foreclosure auctions are the first Tuesday of every month. If you'd of known earlier you could have advertised it there. They pay cash and can't see the inside. 

Define what your "best buyer or customer would be", so you have a target.

Hire a VA to put out as much online marketing for the property as possible, targeted toward you buyers.

Answer every email, call, and text until you get a buyer.

If it is a good deal, place some 25-50 bandit signs near the high traffic area with main details of the home and saying Cash only offer and provide your contact no.

@Joel Owens

The property is an REO so the seller (the bank) is not negotiating on price. I've already tried with them.

@John Thedford
Wholesaling is a great way to make money in real estate. It's not all about rehabbing the properties yourself. I rehab properties myself but I also work as a firefighter full-time and it's a lot easier for me to wholesale properties than to flip all the deals I have. I also don't have all the cash for them so why not share the deal with other people who are able to rehab the homes at that time? It's a win-win situation for everyone. The seller gets their home sold, I make a small profit for finding the deal and the end-buyer will rehab it and make a bigger profit that he is happy with. Every industry has wholesaling I've just never understood why wholesaling real estate has such a dark cloud.

@Todd Plambeck

The property has an ARV of $280,000. Repairs are estimated between $55,000 - $60,000 and the purchase price is $160,000.

Originally posted by @Christian Marin :

@Joel Owens

The property is an REO so the seller (the bank) is not negotiating on price. I've already tried with them.

@John Thedford
Wholesaling is a great way to make money in real estate. It's not all about rehabbing the properties yourself. I rehab properties myself but I also work as a firefighter full-time and it's a lot easier for me to wholesale properties than to flip all the deals I have. I also don't have all the cash for them so why not share the deal with other people who are able to rehab the homes at that time? It's a win-win situation for everyone. The seller gets their home sold, I make a small profit for finding the deal and the end-buyer will rehab it and make a bigger profit that he is happy with. Every industry has wholesaling I've just never understood why wholesaling real estate has such a dark cloud.

Lets compare. I am a licensed FFL. When I agree to buy a product from a wholesaler, that company has the items and delivers it. If I agree to wholesale the same type of item, it is in my inventory. I own it. I am not trying to sell something I don't own. If I own it and cannot find a buyer right away, it sits in inventory. Many so called real estate "wholesalers" don't own the property. Do you put properties under contract and then walk away if you cannot find a buyer? I know many others do. I wonder how many homeowners are misled by these scam artists? What business do legitimate wholesalers have where they have no money invested, put in a bunch of BS weasel clauses so they can break their word, mislead the owners of the product, and then walk away? Anyone that does business like that is a dirtbag in my opinion. Name a few business that operate in the manner? The only one I know...is real estate "wholesalers". Can you name others that do? Please do. 

John Thedford, Real Estate Agent in FL (#BK3098153)

@John Thedford

The fact that you call wholesalers scam artist is hillarious to me. Yes I do not own the properties I wholesale, yes I do cancel the contract if I can not find a buyer in time and yes I also completely disclose this to both the seller or listing agent when I purchase. I'm not in this business to scam people, I'm in this business to solve problems and create win-win situations for everyone. There is a reason why I have sold multiple homes to the same buyer's  and that is because they profit and I give them all the information they need. If you don't like the fact that I wholesale please just hit hide my profile so you won't see my post. Thank you

if the deal really is that good then close on it and immediately relist it for whatever price u want. 

There are hard money guys that will lend 100%. 

@Christian Marin

You didn't answer the question. What other businesses make representations they will buy a product, tie up inventory, use weasel clauses to break their word, and walk away? When I give my word, I keep it. You? I think you already answered that...yes? 

John Thedford, Real Estate Agent in FL (#BK3098153)

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@Christian Marin

by your own post...please read it...you ask how can you find a buyer "before your inspections run out". 

QUESTION: did you lead a seller to believe you would buy the property if it passed inspection?  Was the "inspection period" a ruse and another form of deception to achieve your goals?

QUESTION: why have an "inspection period" at all? Why not put in the contract: " I am signing this contract with the intention of selling it for a fee and if I cannot find any buyer I will not be able to complete the deal. I have no intention of buying it myself and I want any earnest money deposit back if I am not successful".

John Thedford, Real Estate Agent in FL (#BK3098153)

@John Thedford 

The funniest part about all your comments is the fact you on your own free will messaged me before asking to be put on my list and how you are looking for properties. If you hate wholesalers so much why would you message me when I have since day one of being on BP have said I'm a wholesaler and it's even in my profile. You are a hypocrite sir and the fact that you think you are so holy because you don't wholesale and then degrade the people that do and call them scam artist shows me how you are and I'm glad you asked to be removed from my list because I do not work with people like you. As for your QUESTIONS here are the answers 

Yes, the contract has a 10 day inspection period that allows me to not move forward with the purchase if the inspection doesn't meet my standards. It's not a ruse or form of deception as it's in the contract, and the seller knows.

If you find an asset manager that you can tell them that you will be looking to resell the contract to and not purchase it yourself and they say go ahead please do it, I beg you to please give me their info as I will gladly call him and work with him. I'm not hiding anything unlike you who is here posting and can't even put a profile picture up for everyone to see who you are. Stop the deception and ruse and let everyone know who John is please!

Originally posted by @Christian Marin :

@John Thedford 

The funniest part about all your comments is the fact you on your own free will messaged me before asking to be put on my list and how you are looking for properties. If you hate wholesalers so much why would you message me when I have since day one of being on BP have said I'm a wholesaler and it's even in my profile. You are a hypocrite sir and the fact that you think you are so holy because you don't wholesale and then degrade the people that do and call them scam artist shows me how you are and I'm glad you asked to be removed from my list because I do not work with people like you. As for your QUESTIONS here are the answers 

Yes, the contract has a 10 day inspection period that allows me to not move forward with the purchase if the inspection doesn't meet my standards. It's not a ruse or form of deception as it's in the contract, and the seller knows.

If you find an asset manager that you can tell them that you will be looking to resell the contract to and not purchase it yourself and they say go ahead please do it, I beg you to please give me their info as I will gladly call him and work with him. I'm not hiding anything unlike you who is here posting and can't even put a profile picture up for everyone to see who you are. Stop the deception and ruse and let everyone know who John is please!

Yes...I ABSOLUTELY DID ASK TO BE REMOVED FROM YOUR LIST. Feel free to keep posting all your propaganda. I notice you failed to answer simple questions whether the inspection period was a ruse..or a legitimate concern before closing. Which is it? Legitimate...and did you have one done...or a lie to deceive sellers and skip out on the deal? By your own admission, you are playing games and misleading sellers. Attack all you wish but your posts don't lie.  Maybe I asked to be removed from your list because of what I perceived to be less than honest info? Now you know why! I don't do business with anyone I believe to be dishonest. Here is more that anyone reading this can question: your assertion that you don't move forward in the inspection period if it does not meet your standards". That wasn't in your original post. Your original post stated you could not find a buyer and the "inspection period" was running out. Your post says everything I need to know to form an opinion as to your method of operating. I am sure there are some honest wholesalers...guys that actually BUY the properties and then resell them. They can also be called flippers. Guys signing contracts with no intention of actually closing the deal, misleading sellers, and using BS tactics to get out of them don't rate well in my book.

John Thedford, Real Estate Agent in FL (#BK3098153)