Updated almost 4 years ago on . Most recent reply
Agent says we must close TODAY
Hello everyone,
I’m looking for a solution to an issue. We have an on market property owned by a hedge fund in Little Rock under contract that we have been trying to wholesale. We pushed closing because our buyer could not get approved for more cash until April. The agent said we could push closing but they are charging us $75/per day that we push. The agent came to us yesterday and said they have to know what the plan is and close this week. We let our buyer know this and he had to unfortunately back out. He sent us to his friend who was on board to close as soon as he was approved from his hard money lender. Well, his partner accidentally shopped it out to the owners of this property when trying to wholesale it without letting us know and the owner and agent demands it closes today. We will take anything for this property to try and salvage the relationship with the agent and hedge fund. We got it locked up for 122k.
Address: 2020 S State St
Reno: $40,000
Listed price: $139,000
Arv: $255,000
Thank you for your time!
Most Popular Reply
What a mess. So you attempted to wholesale an on market deal to another wholesaler, who backed out, so then you attempted to wholesale it to another wholesaler, who attempted to wholesale it to the seller. Yeah don't worry about salvaging your relationship with the agent and hedge fund, that's hopeless. Most people don't appreciate being lied to.
Your best bet is to seek a hard money lender and close on the property, and hope the seller will give you a couple of days to put a loan together, if you can find one. It's unlikely, and you'll most likely have to back out like the other 2 wholesalers.