found a property D4D and contacted the seller. Seller wanted 75k w/ a 1k EMD. Its my first deal and i dont have that amount of money on hand. The property needs a full rehab close to 80k. ARV is $261K. Found a potential end buyer willing to pay the EMD. I tell the Seller that the transaction will be cash and not financed. Another player entered the game and increased the price to $82K. My potential end buyer said they can match it and the seller let me lock in the price. I have the contract. This alone took 1 week because the seller kept wanting to add things into the contract. Things that were already part of the contract. But being excited about getting this far in my first deal I add the specific wording that was to the Seller's liking and got the contract signed.

the contract signed, I contact my potential buyer and tell them I have the contract and if they would be ready to pay the EMD. My contract states that i have 48hrs from the time that both parties sign the contract to pay the deposit so now the clock is ticking. My potential end buyer then proceeds to tell me that they have to contact their lender to see if they would approve the deal for them. A few hours go by and the lender rejects the deal. She contacts another lender and doesn't hear back from them. The potential end buyer 1 gets contacts by another end buyer 2 who says they're interested and asked if we (me & end buyer 1) could JV on the deal, I accept the JV because something is better then nothing, right? I just want to get thru my first deal.

end buyer 2 doesn't respond and the first 24hrs have already gone by with no EMD paid. I make the decision to post the property on fb groups and got a interested parties I also curated a cash buyers lists from propstream and got 1 more interested buyer.

By the time I get these buyers, though, my time has run out on paying the EMD and the Seller terminates the contract.

Im grateful for even getting this far in my first experience because ive learned A LOT but is it still possible to renegotiate with the seller to enter into a new contract and try again with an extended period to pay the EMD? How can i revive this deal???

Cincinnati, Ohio

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