Buyer went behind my back
I had a contract with the seller. Put it out there and found a willing buyer that I've never worked with. We signed an assignment contract and I gave him a copy of the contract. I always feel funny about giving a new buyer I don't know the actual contract, but they need it because it is the contract they are taking over so I guess I have no choice (unless someone can give a tip how to handle this for the future.)
The buyer then told me that he wanted to get a conventional loan for the property. I told him since im wholesaling it, I only deal in cash. He tried to see if he could get the money together but was unsuccessful. So after a couple days, me and the buyer cancelled the contract.
Couple days later, I get a text from the seller. He wanted to get out of the contract cause of tax purposes and plus his wife just got a promotion at work so now they are able to afford to keep it. My inspection was about to run out and I still haven't found a back up buyer, so I thought Ok i'll cancel the contract and move on.
Well lo and behold, a few months later I check the assessors office and find the buyers name I was dealing with as the new owner's name.
I technically do not have any legal recourse since I cancelled the contracts, but its a down right shady move. I've had this happen only one other time in almost 5 years of wholesaling and it was when I first started out.
Should I start whiting out the seller's information on the contract before I give it to the end buyer?
I guess this is what I get for being nice...