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Updated over 5 years ago on . Most recent reply

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Richard L.
  • Flipper/Rehabber
  • Ridgewood, NJ
7
Votes |
27
Posts

Wholesaling, trouble getting deal under contract in NY

Richard L.
  • Flipper/Rehabber
  • Ridgewood, NJ
Posted

Hey guys quick questions. I have a potential wholesale deal at hand here in NY. The seller told me he wants a non-contingent offer, due diligence made prior and does not want an escape clause. Unfortunately, my contract has a three week period where if "my partner does not approve" where I have a spread of 14 business days. Basically the seller does not want any escape clause. So what do you guys suggest? I always have trouble dealing with sellers in NY, but this one made it clear. 

Should I remind him that I am taking all the risk here and that I am paying cash so this is just for me and my team to be protected. And this is how we always did it. Or should I take a NY contract and just ask his lawyer to add that I can assign it, ( I'll tell them so I can assign it to my LLC) and I just need access to the home between now and the closing date.

Any advice from NY wholesalers? Or any wholesaler doing deals in NY?

Most Popular Reply

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23,418
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13,509
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Wayne Brooks#1 Foreclosures Contributor
  • Real Estate Professional
  • West Palm Beach, FL
13,509
Votes |
23,418
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Wayne Brooks#1 Foreclosures Contributor
  • Real Estate Professional
  • West Palm Beach, FL
Replied

Your seller has been down this road before.  The ill advised use of “subject to partner approval” is the biggest joke, and obvious red flag, in the industry.  You need to find a more ignorant or desperate seller for this stuff to work.

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