I am new here and I have a house under contract and the seller wants to know whats taking so long. The truth is I have not sold it yet .I have it for 30 days and am a little more than halfway through that period. How should I handle this situation?
Thanks for any help.
I'm guessing by the way you phrased your question that you don't have the actual money to buy the property. You're planning on wholesaling to another investor, right? Its stressful and sucks because I've been there. Its part of the reason I'm not focused on wholesaling now because I don't have my money.
My best suggestion is that you look hard to find that end investor and hope you can get some assignment fee for it. I got extremely lucky and just as my time frame was running out I had another investor that was able to make the deal work. I pissed off the seller, felt incredibly horrible, was relived it still sold and I didn't make a penny. Actually lost my earnest money of $500.
I would suggest you do some reading on the site here on wholesaling to get some other perspectives. Furthermore, I think you need to be upfront with the seller and explain the situation. Hopefully, you can still weasel yourself out of the contract if it comes down to it but it is not fun.
Best of luck!
Steven J., Will See Real Estate | 240‑394‑5733 | http://WillSeeRealEstate.com
What are you doing to sell the property? How many people have you talked to aboit the deal? One of two things A. Its priced to high B. You haven't made the right contacts on the buyer side. I would suggest looking up a few wholesalers and ask them to co wholesale it if the price is right.
Sounds like it's scramble time, hard money lenders know investors, I like the co-wholesale advice above, and mail recent non owner occupied purchasers in the area of the subject property. You might have to renegotiate.
I had no idea I would get any responses so fast.
Great advice from all,i like the co-wholesaler deal, it sound great
He would not take a deposit so that helps.
Thanks Again guys,GREAT Response in a hurry
advertise the details on BP. There's bound to be a taker if it's contracted right.
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