21h • General discussion
Advice needed
Need some advice from experienced wholesalers.
I'm working on my first deal in San Bernardino, CA.
- Seller accepted my $375k offer.
- 3/2 main house + permitted detached 2/1 ADU
- 13,140 SF lot
- Heavy rehab
- Seller wants to close in 10 days.
- Previous escrow at $430k fell through due to the buyer's funding.
- My contract has a 7-day inspection period with refundable earnest money.
The issue: I offered a $250 EMD. Seller says he wants a minimum $20k deposit because the last buyer failed to close.
I'm planning to inspect the property tomorrow and want to negotiate the EMD down to around $1,000 held by escrow.
For those who have done wholesales:
1. How would you negotiate the earnest money?
2. Would you ever put up $20k on a wholesale deal?
3. Does $375k sound reasonable based on the information above, or should I make sure I have buyers lined up before moving forward?
Any advice is appreciated. Thanks!
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Advice needed
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