Wholesalers, Stand by your offer: Don't enter into a bad due to seller wanting more money

[Timothy Rogers]

Hello,

I loss out to a wholesale deal on Monday. I work probate leads. I was called to come out to look and make an offer on a property. The executor of the probate property in North Dallas was trying to get the best offer for the property. My contractor and I met with the executor and I presented an offer Monday evening. I gave a very fair offer of $25K on a property that need $30K in rehab and value at $95K. My end buyer all in cost would have been little over $61K.

The executor told me they had received a much better offer than what I had given. I was not going to offer $30K or $35K just to please the seller and get stuck in a bad deal.

As a wholesaler we must know our numbers in order to sell the property quickly. It would have been a $5K assignment fee for me. If I would have offer $30K then I would have cheated myself out of money. Wholesalers stand by your offer no matter what. Be ready to walk.