Contract cancelling reason to seller

4 Replies

Hello,

What reason do you give to seller for cancelling the contract when you don’t get the buyer for it?

& do you just verbally cancel the contract or do you send “cancel contract” to the seller to sign?

Explain that you never had any intention of buying the property. I am sure they will appreciate the candid response. 

Most wholesalers give themselves an "out", some weasel clause written in the contract somewhere. "contract contingent upon partner's approval" is one I hear being thrown around a lot. 

Without getting into the morality of wholesaling, a more legit way to do it is to get an inspection period from the seller. Hopefully something short, maybe a few days or a week. If you can't find a buyer in that time frame you can opt out of the contract due to the inspection. 

This is sketchy and dishonest, but it's better than stringing the seller along for a month or 2 until the day of closing comes and you back out. At least you'd be wasting less of the seller's time...