Wholesale deal – my buyer backed out

[Mike Herbon]

Rookie here! I'm looking for some season the investor input. I'm supposed to close one week from today according to my purchase agreement. The investor who I hadbeen negotiating with and trading contracts with has gone dark on me. Without providing a deposit. I am scrambling to find another buyer but he had tied me up for nearly 2 weeks.

[Micah Copeland]

@Mike Herbon

Do you have more potential buyers? If so, and you believe you can make this deal happen I would simply tell that to the seller. I had a closing from a recent wholesale deal of mine where it got pushed back 4 times and took over a month longer than our initial closing date. After the first two I agreed to pay the buyer 2k more each time just so I didn't lose the deal since I was making a substantial profit.

Also, does the seller know you are wholesaling it? If the problem lies with them thinking you are buying the house for yourself instead of quickly selling for a profit then its a more sticky situation. I tell all my sellers wholesaling is one of my exit strategies so I do not tie up their property for no reason. If you didn't disclose this before I would recommend saying your business partner/ funding walked away from the deal but you have others that will close but it will take a little longer.