Wholesaling

Real Estate Investing
1

Hello I’m new here, looks like a lot of great information and people. I’ve been researching wholesaling contracts for a few months now and have a decent grasp on it. The one thing I haven’t seen or ran across is what happens if you are unable to assign the contract to someone. What are the ramifications on this are you just simply allowed to back out of the contract you signed with the seller?

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2

Anyone?

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3

Well, there are several possible solutions, negotiations, extension, work out program, etc.

WORST situation would be the seller sues you for specific performance…says you agreed to purchase…now do so.

BEST situation is sellers say OK. lets call the deal off.

4

regardingThe question wholesaling contracts

Hello ,

It is best to get at least 10 investors who want to buy home first before you start to connect with motivated sellers… This way you have your ducks lined up ahead of time. then you do not have to worry about being sued or any of that stuff.

The questions you want to ask your investors are:

  1. what type of house or property they are looking for
  2. what area city county state they are looking for propertie
  3. you want to ask them if they are a wholesaler or if they are looking to by properties.

If they are a wholesaler like you then you move on until you find someone who is an investor and wants to buy properties from you.

You want to start in your local area first until you get realy good at this wholesaling thing.

You will also want to put in the contract that you can back out at anytime and will not be legally bound if circumstances are such you have to back out before going to the purchase table as it were… Always be honest with the motivated seller that you will make a little profit from the purchase of the home is that ok with them.
hope this helps…:slight_smile: