How can I wholesale my deal?

[Theresa Reynolds]

I have a house under contract currently in a very competitive market in  Montana for 100k. The inspection revealed some foundation issues and I know I could probably re-negotiate the price a bit and the numbers would still pencil out. However, it is my first deal and I am not comfortable to deal with foundation issues on my first deal. I am on the fence between taking on this big project or walking away. However, walking away seems stupid when the market is hot like that. 

So I was wondering how I would go about wholesaling this deal to someone more experienced? This is highly time sensitive as I have only 4 days to respond.

[Patrick Britton]

@Theresa Reynolds with only 4 days to respond frankly, i think your options are pretty limited. for starters, the original offer would have to be amended so that the buyer is your name or LLC followed by "and/or assigns." you would need to stretch that inspection contingency out by several weeks but since you've already had the inspection, the seller will ask why. Then you get into a very gray area ethically since you know that you are not going to purchase this house yet are still, as far as the seller is concerned, intending on buying. Heck, the seller could see this post right here and file suit for fraud.

So given the incredibly short period of time you have at your disposal, I would walk away. Foundation issues can be unbelievably expensive so unless you're going to be getting $30,000 off the asking price, call it a day and look for something else.

Just my 2 cents. 

And I know, it sucks and you feel like you're missing out. But trust me, there are lots of houses out there.