If I get a preforeclosure and for some reason do not find a investor to pick it up how to I come out of it?

If it's a good deal someone will want it. 

Don't put any thing under contract that don't meet criteria your cash buyer's in the area want. 

Originally posted by @Tammy Theiss :

If I get a preforeclosure and for some reason do not find a investor to pick it up how to I come out of it?

 Please think about what you just asked.

A pre-foreclosure.  These people are about to lose their home.  By tying it up in a contract, you prevent them from continuing to market it, and selling it to an actual buyer before a foreclosure wreck their financial world.

Doing that with no intention of closing yourself if you cannot find a buyer is absolutely crappy behavior.  This is exactly the sort of thing that makes so many people hate wholesalers.

Originally posted by @Richard C. :

Originally posted by @Tammy Theiss:

If I get a preforeclosure and for some reason do not find a investor to pick it up how to I come out of it?

 Please think about what you just asked.

A pre-foreclosure.  These people are about to lose their home.  By tying it up in a contract, you prevent them from continuing to market it, and selling it to an actual buyer before a foreclosure wreck their financial world.

Doing that with no intention of closing yourself if you cannot find a buyer is absolutely crappy behavior.  This is exactly the sort of thing that makes so many people hate wholesalers.

o.k. I am knew to this I am trying to become a wholesaler and that is why I am asking questions now. It is to my understanding that a wholesaler finds someone that is in preforeclosure and sets up a re-assign contract and then finds a investor. Now in retrospect I am trying to line up my investors before I ever get started but however, I also want to know if  I get caught in a situation where I can not find a investor who wants it I want to be able to cover my self as well. It would not be the intention going in to cause any harm to the seller. But please if you think you have info that will help me by all means, share.

Yeah, I have info that will help you:  Don't do it.  It is a lousy thing to do.  There is nothing wrong with assigning a contract where that is allowed.  But if you cannot, BUY THE PROPERTY!

If you do not have the funds to buy a property if you are unable to find a buyer, you have no business playing with people's lives this way.

Who taught you this stuff?  Did you attend a seminar?

Take a real estate licensing class an get an agents' license.

Here where I am at getting a license can hinder you if you step into flipping/rehabbing. I did take a real estate class and chose not to take the license because we were advised that it could hinder a flipper. I eventually want to get into flipping but I wanted my own money to start with so I would not have to deal with loans/investors and such so I was advised to start in wholesaling til I had enough put up to get my first flip.n This is actually a huge thing where I am at, however like you so kindly stated you have to be careful where peoples lively hood is at stake, that is why I am overly questioning so I can be for sure of what I am doing. thankyou.

Whoever told you getting a license would hinder you in flipping is a liar or an ignoramus.

In any case, why you are getting into wholesaling really isn't the point.  If you are placing houses under contract when you have no intention of closing yourself, you are bottom-feeding.

No.1 the person who taught the real estate class was also a realtor and sat on a lot of community boards, he was a very important man. No 2 I understand where you are coming from do not get me wrong however have you looked at the wholesaling stuff on here, almost all of it is designed for people who do not have the desire to buy the property yet it is designed to set up for a investor. There is nothing wrong with being a finder as long as you do your homework.When they give you the free e-book on here read up through the wholesaling part you will see where I am getting my knowledge.

There is need for caution and control.Build a big list of cash buyers to step in

Hi Tammy,

Not sure if this has been resolved.

Please go back into the drawing board and provide us with details/numbers ( # of back payments, equity on the house,location,etc.)  and share them with the community.

Many of our experienced colleagues will surely give their insights and probably the much needed help.

Please share and good luck !

Originally posted by @Tammy Theiss :

No.1 the person who taught the real estate class was also a realtor and sat on a lot of community boards, he was a very important man. No 2 I understand where you are coming from do not get me wrong however have you looked at the wholesaling stuff on here, almost all of it is designed for people who do not have the desire to buy the property yet it is designed to set up for a investor. There is nothing wrong with being a finder as long as you do your homework.When they give you the free e-book on here read up through the wholesaling part you will see where I am getting my knowledge.

 Look, there's nothing wrong with putting the house under contract and trying to market that CONTRACT to an investor. You would be providing the seller a service. But, here's the thing, allow the seller to be able to bring their own buyer if they should so choose and can find one. You can release the obligations of the contract if they do. However, What I see in these cases is that they are NOT marketing for a buyer and cannot afford to nor do they want to list with a realtor who may or may not be able to sell the home for them. So are realtors doing a crappy thing too? They are tying it up and might not be able to sell. Hmmmm. I somehow think not. But they probably wouldn't allow them to drop the listing and get their money back. 

As far as flipping, there is ni way that a real estate license will hinder you. The two most prominent flippers in my area are realtors and are absolutely crushing it. I don't know why anyone would think that or tell you that. Maybe you can elaborate on that for me.

The thing behind all this is to do right by your sellers. Your reputation WILL begin to procede you. Good or bad. Help them out. You can't REPRESENT the seller in a deal but you can do the right thing.