First wholesale deal Fails to close

[Alejandro Flores]

So I sent out yellow letters to absentee owners list and I received a call from a lady saying she got my letter and saying that the house got on fire and told me she wasn't ready to sell. I go on saying we will be in touch in a couple of days. So time goes by I call her a week later to see how things are going, and she goes by explaining that she filled a claim with the insurance company and if I would like to make her an offer on the property. I agreed and went to the burnt property.

I took a friend of mine that is a GC and told me the estimates was 70k of repair. I then went to the seller told her "knowing the house needs 70k of work how much would you give it to me", she then said that some guy already made an offer at 40k but was needing to get bank approval. (the ARV was 150k-160k) I had to act quickly, so I told her ill match it and we can close than 30 days. She agreed and this was my first house under contract! I remember that I was so nervous and scared but yet excited of what I just accomplished.

A week later a buyer made an offer at 43,500$ I and my partner in this deal agreed to it.( not much money but it was going to be our first wholesale deal) Then it was time to close.

Well, title commitment came back and there was a problem, there was a dispute from one of the siblings and even though the house was under the seller name the underwriter still needed all of the siblings to sign off. Which there was a problem because one of them will not sign off since he passed away and the family holds resentment, (they are the ones that wanted part of the house but weren't in the will when their parents passed away). The seller told there is no way that family will sign off and she would not even want to deal with it. I told if later in the future you want to sell the property they still will have to sign it, and she understood and we pulled off the deal.

Sadly I was excited to get my first paycheck after 5 months of work but I guess not, but I won't give up.