First wholesale & out of my league already!

[Marie Thorpe]

"If you're not embarrassed by your offer it's too much", famous last words. I got a lead on an abandoned property in a high end Philadelphia neighborhood. Seller asking 575K-600K, ARV over 1 million. I offered 465K, AND HE TOOK IT! He is very motivated to get rid of this, and also has another for me, but he wants $5000 deposit and 20 day inspection period. I also did the standard "buyer pays all closing costs" without even thinking. He wants to know if that includes the full 4% taxes? #1- I don't have $5000; #2-I have no idea if it includes the taxes. He's waiting for my response. Can someone help me, please.