He wholesaled my wholesale deal to another wholesaler who wholesaled it to his buyer. I thought the guy was an end buyer. He agreed to buy my junker for 50K, a few days later he calls and says the numbers are too tight, he offers us 40K, we then agreed to 44K.
A week later another guy calls me and says he’s got the contract from Don my first buyer and he’s got a buyer that wants to close fast. I told him I thought Don was an end buyer, I told him I was ready to pull the plug. He assured me that everybody was getting paid. I reluctantly agreed. A week later he wants me to sign a new contract that will hide the 14K that my partner and I are making on the deal.
I find out their end buyer is paying $51,500 for our house, I was annoyed that we left that much scratch on the table but still looking for a fast closing. And, of course, a deal is a deal, and they had the buyer.
After spending and wasting almost 2 weeks with these guys, their buyer backs out, they never even started Escrow.
What was really frustrating is we were getting offers of up to 49K while this circus was playing out.
Almost immediately we got a firm all cash offer of 47K and starting a 5 day Escrow today. The bird dog and I will make $8,500 each.
I will add some new terminology to my Assignment of Contract. This contract is not assignable.
Can you imagine 3 wholesalers on 1 deal?
In my opinion, as long as you get what you want out of the deal (i.e. you agree on a purchase price) I wouldn’t care how it closes. But like you said, so many irons in the fire - one is bound to bail ruining the whole deal. I am just wondering where on earth they were going to find a title agency that would do a quadruple close? I would have love to be a fly on the wall when someone there figured that one out. LOL
It could happen. Your end buyer was prolly an end buyer and could have closed. But if there is that much skin in the game and he or she can wholesale it then good on them.
Most wholesale contracts state that its not assignable so this is a non issue if that’s in the contract. Also there is no reason to “hide” or do a different offer.
Just need to have a closing statement for each the seller and the buyer prepared separately and issue solved.
Nate-WI