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Updated over 3 years ago,
Need advice on (tenant Not keeping their word on a deal line)
So I create a few mortgage notes now and then to help raise capital for more property. Basically what I do is find a decent off market home for cheap that doesn't need much, clean it up and sell on owner financing. Once I create the note I then sell the note for less than it's worth to a note buyer . This time the person I sold the property to was 100% confident at the closing table that they could pay the note off on August 20th when their house closed this month, so I told them I would take the Lesser amount same as I would be getting from the note buyer.
They texted me yesterday saying that date has been move and not sure when it would be. If they pay off for the Lesser amount they will be saving $24,000 so yes they are really wanting to pay it off I get that. But I'm loosing opportunity here! Should I just tell them (sorry deal is off) I'm selling to the note buyer. I dont just want to sit around waiting when they can't even give me a date. I'm counting on these funds to carry me to my next deal and it just so happens I found a great off market mobile home park yesterday that I really want to buy and easily couldn't if I just sell the note lol.
What would you do in this situation?.
Be the nice guy , ask for proof of funds & wait it out.
Or
●Tell them deal is off and sell to note buyer.