Earnest money deposit held
Please help! I'm a newbie to wholesaling but read a book that encouraged making offers on a houses listed on realtor or Zillow. The house was listed for 53000 sold as is. I made an offer of 30000 based on the ARV, the comps I got from the realtor(120000) and the wholesale formula. The realtor told me the seller will take 35000. I asked him to write an offer. Tried every marketing system I know to find a cash buyer that will pay 37000(2000 assignment fees). Majority of the cash buyers offered lower prices than the purchase price telling me the estimated rehab will cost around 50000 as opposed to my own 35000 to 40000 estimate. On the last day of the inspection period, a buyer came but promised to pay in another 5 days. My 350 earnest money is still in escrow. The expected closing date will pass by 3 days if I am to wait for the interested cash buyer. Please advise. Any advice will be appreciated. Thank you