@Mark J. Hi! Really wanted to reply to this as I’m a wholesaler in Virginia, and I personally see a lot of red flags here. However, you could be working with someone who is wholesaling for the first time and had no idea what they are doing.
1. As a wholesaler it is very important to do your due diligence and get as much information on the property as possible and/or lot before presenting it to an investor. You want to make sure the contract/assignment you are selling underprice is ready to go or as close to it when selling. Being extreme transparent with investors is key as it builds trust.
2. Wholesaling can be nerve wrecking as sometimes agents don’t understand what we do and won’t submit our offers to sellers, or cash investors are hard to find. There is so much more than getting a contract involved there is much footwork and understanding the legal documents presented. Maybe they didn’t understand how to fill it out.
3. It could be a team of wholesalers as sometimes we work together on deals. If so, there is still a professional way to present this.
4. Contingencies are important when providing and signing a purchase agreement! If there isn’t a contingency that benefits you add it in additional terms and number it! Cross out and initial terms you don’t agree with also! Sounds like this place may need to be brought up to code, or maybe has something else, outstanding taxes, liens, maybe the building has to be reassessed by a surveyor and approved by the city I mean there’s so much!!!!
5. In closing please trust your gut, especially when it’s a still voice. It never lies! If it looks sketchy it might be! People who are confident in their properties don’t mind 10 day contingencies as that’s standard! And make sure your contingencies start from your acceptance date when the offer is signed by seller!!!! If other investors are interested, they will still be around. I hope I could help!!!!
Shannon
