New York City, NY · Member since 2015 · 52 posts · 6 votes
Hey guys I have a quick question, I was able to get a property in my neighborhood under contract with the ability to reassign it to another buyer. I’ve actually found a very interested buyer who is looking for a house who is pre approved for a conventional mortgage. My questions is, can I wholesale the property to him, even if he is using a mortgage the purchase? Or can whole sale deals only be reassigned to cash buyers.
He is interested and has a pre approval, and I’m not worried about the property not appraising high enough, I got it under contract at a great price.
You're contract probably states it is for a cash purchase. If that's the case the seller would need to. Be willing to sign an amendment to change to financed purchase.
What Eric said above is correct. If the seller doesn't like that you are proposing the amendment, then maybe offer a larger deposit or even offer that the deposit go non-refundable, if that works for you. Hopefully, it's a house you can get access easily, too, since the appraiser will need to go, and maybe others, i.e. an inspector.