I'm looking at purchasing a house in NC. So far, I have a good relationship with wholesaler who introduced me to the seller to see if he was willing to go lower on the purchase price to where I need him to be to justify the numbers.
Assuming I do get him to agree to a lower price, what would the process be to then fix the wholesaler's contract. Would they then agree to the lower some to fix their agreement, and then I sign the assigned contract with the wholesaler?
As I mentioned, so far it's a great relationship with everyone, and I'm not trying to circumvent the wholesaler at all, just trying to get the numbers to work on my end to flip so everyone wins.
Any insights would be greatly appreciated!
What you are doing is called "re-trading," which is a very common practice for real estate investors. We get properties under contract and often we complete our due diligence later - for example you inspect the property and find that the roof was in mediocre condition. So, just do it and fight for your interests. There is a risk that you will lose the deal, maybe even the wholesaler may sour on you. But hold your ground.