Wholesale Contract Cancellation

2 Replies

Hello, all.

I've been reading a lot about wholesaling and listening to various podcasts/YouTube videos in order to get as much exposure from various sources as possible and then compile a way forward for me to get started.

I recently found Sean Terry's videos on YouTube which I enjoyed a lot. I did a quick search here and found that he is highly regarded in the BP community, which made me feel even more comfortable with his advice/teachings.

One of the things I am struggling with is understanding how to get out of a wholesale/assignment contract if I am unable to find a buyer. My plan is to build a list of a few buyers first and then go find deals, but I would still like to understand how I can get out of a contract. At approximately the 28th minute of this video (https://youtu.be/3ZnHCCmUmJM) Sean mentions that you can tell your seller that you need to cancel the contract. I've downloaded his contracts from www.flip2freedom.com/freestuff but don't see a clause fo cancellation. 

Am I missing something? How do you guys typically go about building in a cancel clause into your contracts?

Thanks in advance - any help is greatly appreciated!

@Juan A.

  This is an old thread. By now you've doubtless figured it out.  But your contract needs to provide other 'outs' such as inability to procure suitable funding.  AND, plenty of people on here will tell you, don't sign a contract unless you're serious about making sure it can be bought, by you, by a partner, by somebody. Don't jerk people around. Make bloody sure you work very hard to get the house bought. You represented that you were going to buy it so if you're not you had better fine a substitute.