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Updated about 8 years ago on . Most recent reply

User Stats

133
Posts
43
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Steven Mitchell
  • Investor
  • san antonio, TX
43
Votes |
133
Posts

bought from a wholesaler, question

Steven Mitchell
  • Investor
  • san antonio, TX
Posted

we gave 5k earnest money, agreed to 82.5k and at most 2.4k miscellaneous and closing costs. HUD gets to us and its an additional 3.9k. We call them on it and they say they incurred more costs than normal in acquiring the deal. He mentioned they had to end up paying some of the sellers closing costs. So they just passed it on to us.

They didnt consult us on the price increase.

Now its a big ordeal negotiating down to the price we agreed upon.

Id just like to make sure that we arent being unreasonable. To us, we agreed upon a certain price.  And our margins arent large enough to just absorb a 1.5k hit like that.  I feel this is very unprofessional.  This wholesaler tells me he does 30 deals a month so Im at a loss why we are having an issue over something I see as very obvious.  

Most Popular Reply

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3,316
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4,459
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Mike Cumbie
  • REALTOR®
  • Brockport, NY
4,459
Votes |
3,316
Posts
Mike Cumbie
  • REALTOR®
  • Brockport, NY
ModeratorReplied

You are in the position of power. If you can afford to walk away, I would do so. Or at least give he impression. You had the documentation with specifics on it and this does not meet that. If you "need" this place then just suck it up, but if you have room I'd threaten to walk. 

DISCLAIMER: Have not read your documents and not sure how your EMD is maintained so tread carefully as not to lose that in the process.

  • Mike Cumbie

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