Much needed advice on my fisrt wholesale deal

2 Replies

Here I am with two properties that I am trying to wholesale, after I have gotten them (well almost) in my LLC's name. Almost because I have signed the contracts but have not gone to the title company for closing yet. I have posted the properties (also listed here on BiggerPockets) and is now waiting for potential buyers to view and agree to take over the deals. Because I was not confident that I would reach this far, I lack buyers, what do I do cause I do not have the funds to buy them nor the earnest money to have go down the drain if a buyer don't same day close these deals soon.

you must release the properties asap and let the seller know you can not close on the properties Buy real estate unprepared can  expose you to liabilities that can go far beyond your earnest money deposits  It is not fair to the seller whom might need his home sold for very pressing reasons 

Well one of the sellers is the government housing so I do not believe they have any interest other than making their money anyway how.  If I cannot close on the stipulated date then that house goes back into the auction pile.  The other house owners are both deceased and the son is selling it off and he is the one that I am seeking the interest of as the house is due to go into foreclosure soon.

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