I am new to wholesaling I have not yet made a deal but I am look forward to my first one, but I must admit that I am a bit nervous. I have been doing my research and I have a good understanding of the business. One thing I don't understand is what happens if you get a property under contract but you cannot find a buyer. How do you get out.
Congrats on starting and good luck!
You know, I'm curious about the same thing. I'm sure someone will post some wise words of wisdom shortly.
That's a huge topic. Obviously we want to avoid this situation, it's unfair to the seller. Get to know a good buyer or two, they could help with making ballpark estimates and offers relevant to your market. You will have a contingency in your contract that will allow you to back out of the deal legally, but if you make conservative offers you'll only need to use it for a legitimate surprise, e.g., a cracked foundation. I had a situation where it took the county inspector awhile to get to the property and when he finally did we got the worst of news, so we had to renegotiate but I could have cancelled the agreement legally.
My unprofessional advice would be to have the sellers' interests at heart but protect yourself legally.
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