Newbie Fears

2 Replies

Hey all! I started wholesaling a number of years ago and I think one of my last posts was about getting my first deal under contract. Well, I didn't end up finding a buyer for that one and I think it's because it wasn't really what investors were looking for. It was owner occupied, didn't need much repairs, and the asking price was pretty close to the ARV. I just kind of let the contract period run out and I never heard from the sellers after that...thank God.

Anyway, after that deal, I just kind of fizzled out.

I'm back with a vengeance and I'm determined to make it work this time. After so long, I still have a passion for it. The only thing holding me back, though, is the fear that I won't find a buyer for a deal and end up in deep crap because I signed a legally binding purchase and sale contract and irking the nerves of a seller after tying it up for a few months and not delivering. I know the saying is that if I find a deal that's good enough, the buyers will come. I believe that to be true...but that fear still stops me from going at it full speed ahead. So I guess what I'm asking is, what are some things I can do to protect myself in a wholesale deal in the case that I don't find an end buyer?

Thanks for all advice!

Hi Nicole,

I understand that the desire is always there, welcome back!  I also believe that if you have a good deal.  It will be easy to find a buyer.  Having said that it is important to be very open and clear with the seller.  You should look out for their interest as well as your own.  If you find a deal let the seller know that you will submit to your colleagues.  In addition, it should not take months to find out if the deal will sell.  I believe that you should have an answer with a couple of days based on the investor/buyers reaction.  If no one is interested then tell the seller as soon as possible that she needs to lower the price.  Or simply let them know that there isn't enough interest in the house and then move on.  If you keep the sellers up to date with the good news or bad.  They will appreciate and respect you for it..........Roland

Thanks so much.  That makes sense.  I would think that a seller would be OK with the way the deal is structured because there are some advantages to them as well.  

How do you feel about finding buyers for other wholesaler's deals at first to be more comfortable? 

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