Seems like a hot mess. I'm not sure you set the deal up right if your thought was to wholesale, at all.
First question: who says the Seller's agent has to be at the open house? The Seller? Is that in your contract somewhere with the Seller? If not, you are not bound by what the Seller wants. More importantly, why does the Seller want that? The Seller obviously is uncomfortable with you and the whole arrangement which goes back to my initial comment above.
Second question: is the Seller living in the property? If not, what you do is none of the Seller's business.
Third question: Why are you holding an open house?
Fourth question: You said you have a lot of money tied up in the deal, how? For what? Usually, all you have at stake is your EMD in a wholesale deal.
Fifth question: Are you prepared to close on this property yourself if you don't find a new buyer?
Sixth question: If the answer to the fifth is no, then why not? Is it not a good enough deal that you would do it yourself? If not, then what makes you think it is a good deal to wholesale?
You are the Buyer. However, you are coming across as an agent, and from what I read, acting like an agent. If a complaint is filed about what you are doing with the Commonwealth Division of Real Estate that you are acting as an unlicensed agent, the way you have this set-up, you would have a hard time defending yourself.
Reading books and listening to podcasts about wholesaling is not training. If you were professionally mentored or trained, which I doubt because I can't imagine even the worst trainer setting up a situation like this, you need to go to your trainer/mentor for the solution to this.
If you just decided to go out and "try wholesaling" and this is where you ended up on your first deal, then seek a seasoned professional wholesaler active in your area, bring him or her in on your deal, and have them bail you out. The destination of your current path is a train wreck.
Next, invest in professional training so you know the right way to conduct a wholesaling business. Despite what you read or hear, you can't learn how to wholesale in those books or podcasts. You only learn what wholesaling is.
Rod Yarger
The agent is the only one who has access to the property because the seller doesn't want to disturb the tenant. I have only spoken to the seller once and after wards he referred me to his agent because he does not want to deal with the house at all.
I am holding am open house because I only have access to the property when the tenant agrees. So I try not to be in and out every day with different buyers. An open house seemed like a good idea to get them through at once.
When I say a lot of money I mean a lot of money to me because I had to take away from some thing to start my investment career. It's probably pocket change to you but every dollar counts over here.
I went about this slightly backwards because I should have obtained funding first. Once I realized that I was not going to be funded for the project I was past the due diligence period and I needed to assign this to someone else.
This is a great deal. I just need the right buyer. I am looking for a partner who can give me more insight but until then I had to take the first step and get out here. Thank you for all your advice. I decided to just talk to the agent and he understood. He just wants to get the house sold.
