Posted by Bobby F. on June 16, 2004 at 17:19:51:
i would not disclose upfront to the seller my intention. the contract has an assignable clause anyways. however, if asked by the seller, i would say, my partner and I will decide if we want the house for ourselves (or i intend to buy your house but will need of my partners approval) or we may end up assigning the contract to another investor. either way, they’ll sell the house.
good luck
What Did I do wrong - Posted by iyshiaw
Posted by iyshiaw on June 15, 2004 at 13:38:52:
When wholesaling or flipping a property should I tell the sellers right away that I have no intention on closing on the deal and that I am going to assign the contract to another investor.
Im asking because I tried this approach. I told a seller that needed to sell their house in the next three weeks that I would not be closing on the deal but that I worked with other investors that would be able to offer all cash and close quickly. The seller asked what did i get out of it. I said a referral fee. The seller was very uncomfortable with me not being the end buyer and decided not to sign the purchase contract.
What I want to know is what I did wrong. Was I suppose to not tell the seller I wasnt going to be the one buying the property’? If so how do you keep the seller from knowing without doing a double closing. I prefer the seller to close directly with my buyer. I know I ask a lot of questions here but I really need help. I’m struggling to get started and I beginning to lose hope.