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Updated over 10 years ago,
Pulling my Hair out!! Wholesale stressing
Okay here's the story...
A good friend at work asked me to help her sell her house. She is the original owner of a little over 20 yrs but has been having issues with the bank and got a little behind on the payments. With everything happening she is just looking to move as quickly as possible.
I get the property under contract and get interest from a local rehabber through an Ad on craigslist. First issue is he makes an offer on the property DIRECTLY to the seller (putting her name on the contract). I explain the the property is available, but only by assignment. He asks to look at my contract, which I give him along with my assignment paperwork, disclosures, and an amendment I used to adjust the original price on the purchase contract.
After a day he gets back to me stating that his "attorney has advised that he make the offer to the seller and leave the name blank on the contract with his desired terms". Additionally, he is looking to push the date. Now I'm not sure what to do. My contract will expire on the 16th, and it looks like his attorney is advising a double close (or for him to weasel me out of the deal), but there is not enough spread on the deal to make that realistic.
Details:
It's a 21yo house in a suburban development outside of Syracuse.
4/3.5 1767SQFT
She owes 90,000
He offered 96,000
I amended to purchase at 93,000 (3,000 assignment fee)
He is unwilling to pay sellers closing costs.
Trouble is, she's my friend and she is seriously stressing about the whole thing. I want her to be able to get the house off her back ASAP, but this issue is really tying up the deal.
What should I do? How should I approach this? HELP!! SOMEBODY...ANYBODY!!!