Real Estate Investor · Owasso, OK · Member since 2008 · 21 posts · 2 votes
I'm loving all the good advise, scenarios and just plain learnin' here. Thanks to all of you experienced people for sharing. Especially, when you come from opposite sides of the track in your thinking. It makes for a well rounded picture of possiblities.
I've been reading a lot about getting motivated sellers, a contract and finding buyers, then bowing out with an invoice at closing. I have yet to read what happens if for some reason (like 911) you don't find a buyer? You've bought the property, right?
Residential Real Estate Broker · St. Louis, MO · Member since 2008 · 254 posts · 5 votes
19y
Typically when you write a contract you have clauses like financing and inspection that you can use to get out if you can't find a buyer. In addition, I like to add that the earnest money is the sole remedy upon default. If you find a buyer and he flakes out or you can't find a buyer, then the worst that should happen is you loose your earnest money.