under contract need your thoughts

[Mike Delprete]

For the first time I did a 5 day inspection with a 10 day close with a buyer using hard money. The buyer called back after there contractor did the inspection and cut her offer in half... My main concern if her estimate is some what valid approaching the seller and re negotiating I never had to do any thoughts how to handle this?

Thanks

[Jon Holdman]

Do you trust your estimate? Sounds like this buyer signed the contract without ever looking. Now that your hooked, they give you a lowball offer in hopes you'll take it. If you have good value and a good deal, move on to the next buyer.

Now, I'll say 95% of the deals I get from wholesaler are crummy. I never see a deal where their price plus their repair estimate (always low) is less than 75% of their (high) ARV. I've had a wholesaler offer a 90% deal as a "great deal". If your deals not a good one, you will need to renegotiate with your seller.