I am looking to do my first wholesale deal. What do I need to know so that I can back out of the contract without any penalties? How do I not risk losing the earnest money in case I do not find an assignee? Any suggestions are appreciated.
What most wholesalers do is try for as long of an inspection period/attorney review period as possible, just as a cushion. I always try for at least 15 business days, and sometimes the seller knocks that down. But as long as you cancel the contract within the review/due diligence period you will get your earnest money back. BTW, Monica, I am also a wholesaler here in Chicago so if you want to meet and share ideas or talk, just PM me. Hope that helps.