|Once in a while I have a property under contract that I just cannot wholesale.|
I currently have a property under contract and although the numbers were tight, I felt that I could still assign the contract because of it’s ideal location.
It’s one of those houses that’s in the best school district and in the most desirable neighborhood.
And the rehab is pretty simple.
However, all that being said the property has not moved.
So what is a real estate investor to do when faced with this challenge?
I really hate to ask for a price reduction but in rare situations, such as this one, the only option is to go back to the seller and let them know that we need to be at a lower price.
It’s one of those things I just don’t prefer to do but in order to help this person to sell their property in a wholesale scenario, we just had to revisit our numbers.
Once I explained in detail why I believed his selling price was too high, he agreed to reduce the price of the house.
We had this conversation late last week, and the house hit the market at a much more favorable price this weekend. And I’m happy to report it has gained a lot of positive attention.
I am not a big fan of asking a seller for a price reduction, but sometimes you’ve gotta go back to the drawing board to make the deal work.
Have you ever dealt with situations like this? As your Probate Fox mentor, I am here to help you along your real estate investing journey. Feel free to reply back at any time and shoot me a question. I might even answer it in one of these daily emails!
|Committed to your success,|
Ernie “Back To The Drawing Board” Vargas | The Probate Fox