How to manage multiple buyers as a wholesaler
In the past, I've only dealt with one solid buyer who would close for sure. I'd get the P&S agreement executed, sign the assignment document with the buyer, and at closing the assignment fee is sent to me.
Currently, I have multiple people looking at the same property which is under an executed contract. I have clear record of the order of communication. My question is this: the P&S agreement keeps me from backing out of the deal, but the assignment contract wouldn't keep a buyer from backing out, would it? So, if you can only have one valid assignment contract at any given time, how to you manage having someone be "next in line" in case the first buyer you go in with bails? Basically I want to avoid telling Buyer B that, sorry, I just signed an assignment contract with Buyer A, but then Buyer A backs out and Buyer B is already moving on to another deal. Or is that just part of the game, and the only way to learn not to work with Buyer A anymore?
Hope that question makes sense.
James