I have a wholesale deal cooking that’s currently on the mls. I’m a licensed agent and submitted a very lowball offer on this property as well as 2 contingencies using my standard 10 page state purchase contract. My contingencies were a standard weasel clause “contingent on satisfactory buyers inspection” and the second was my assignment clause “assignable and immediately marketable”. I asked for a 30 day inspection period to give myself time to market this property to an end buyer. I heard back from his realtor and she stated he accepted my offer price but has rejected any contingencies and wants me to close in 2 weeks. Can I just agree to the 2 week closing date and if I don’t have a end buyer buy then just walk or will there be recourse on the sellers part against me for not completing the contract as stated. Also can I do a double close since I can’t assign this contract? Anyone have any suggestions on how to proceed? Thanks
I’ve had a few sellers (Realtors) use this tactic on me. I told them if you are in that big of a hurry to close, then I’m not your guy. If you give me 30 days I can do it. I need time to get my partners over here and to inspect this property.
If you renege on a contract you could be liable. You don’t need that risk.
Counter back to agent with YOUR terms! If agent does not like, oferr them to find another buyer and when they don’t sell in 2 weeks, make a new offer with your terms and see what happens.
One house I bought took nearly a year of offers and rejections…I finally wore them out…was one of my most profitable deals!
Be patient and only do terms you can deliver.
Hope this helps.
Rob