Pulling my Hair out!! Wholesale stressing

[Markeilsha R.]

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!!!

[Kyle J.]

Originally posted by @Markeilsha R.:

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!!!

I'll tell you what I would do. If the above part is true, then I would help your friend sell the house however you can - even if it means losing out on your assignment fee. It sounds like you already have an acceptable offer that would solve your friend's problem and allow her to get out from under this house that is causing her so much stress. The only hangup that I can see is that you may lose out on your assignment fee. If you don't have the ability to close on it yourself, then don't tie up your friend's house and penalize her for it. Help her sell it and feel good about doing a favor for a friend who needs it. Maybe it'll pay dividends down the road after she tells other people who need to sell their home what a great job you did helping her out of this tough situation. 

Just my two cents.