Possibly selling my 1st Property. How to "set the hook"?

[Joan Saylor]

The other day I had a call from a local wholesaler who was interested in buying my property. After a tour and some negotiating, he offered 140K, which would payoff all my debt-load with a little left over. I'd be breaking even but able to redeploy the funds to purchase another property or two with a mortgage, rather than all-cash purchase like this one was.

We have maintained open communication; however, he is awaiting feedback from his finance guy. How do I get some degree of commitment so I don't risk loosing the deal or risk him getting cold-feet? Earnest money? We don't have a contract yet. What should I do to keep an offer from slipping away?

. 

[John Clark]

Quote from @Joan Saylor:

We have maintained open communication; however, he is awaiting feedback from his finance guy. How do I get some degree of commitment so I don't risk losing the deal or risk him getting cold-feet?

. 

If he doesn't have financing set up, he won't commit to a deal. There's nothing you can do to get him to do so.