Congrats @Mark Gaskins
I was in a situation about 6 months ago when we went under contract with a wholesaler. He told us that the property was occupied, but the tenants were moving out within a week. Well 10 days, passed by and he ended up disclosing that the truth was the seller had been trying to evict the tenants for months and due to the moratoriums he was having no luck. Since this was to be our first flip, we wanted no part of this.
It was very disappointing that the wholesaler had not been upfront with us from the beginning. But luckily, he came back to us a couple of days later telling us that the seller had been offered more money and therefore wanted to cancel his contract.
Normally, that would've been a big issue that the seller did not want to fulfill his contract. But in this case it was just the "out" that we needed from this whole situation.
Luckily in March of this year, we found another wholesaler and purchased a property from him. We just wrapped up the rehab and will be listing the property on Monday.
Purchase price: $188,000
Rehab: $60,000
Asking price: $329,000
Profit before closing/holding costs: $81,000
Will update you all on how the listing goes. Btw, will be listing with my brother/partner who is a licensed relator, so we'll save on commissions.