OfflineMy realtor brought me a deal off the MLS(87k) and I got under contract for 52k.Comps are 120-140.I was assigning it to one of my Investors and he backed out at the last second.The seller drove up from another state and is expecting to close tomorrow.
What can I do?
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Where is the property? Rehab, cost and exactly what needs to be done. Next, do you have other buyers on your list that can move quick?
“Buying real estate is not only the best way, the quickest way, the safest way, but the only way to become wealthy.”
How much earnest money did your buyer lose by backing out so close to closing?
How much earnest money do you have at risk?
How much rehab/remodel is needed to the property?
Michael Mangham
Mentoring/Team Building Nationwide
MD Home Acquisitions LLC
Knowledge is power, but execution trumps knowledge. Tony Robbins
http://www.mdhomeacquisitions.com Seller site
http://www.mdhomeacquisitionsbargainhouses.com Buyer site
http://www.mdhomeacquisitionshousehunter.com Bird Dog Site
http://www.mdlodeals.com Tenant/Buyer site
how much earnest money did you put down?
Nothing he never signed the assignment.He dropped the earnest money off at my title company because I told him I need 2k earnest money,then I sent him the assignment contract, and then he said I can not close and couple of days later he picked it back up.I have $1000 at risk.
Rehab needed is 25k
this is where you need the contract to state that the only damages they can seek is the earnest money right?
The property is in St.Paul,Mn
Just needs a new kitchen,hardwood floors refinished and paint,also finish the basement.And yes I sent it to my other buyers.I have a guy that is going to look at it tomorrow.Its a small home(712sqft) 2/1 2 car garage, but in a good area.