what if you cant find a buyer - Posted by GENE

Posted by Rich-CA on October 17, 2007 at 13:10:36:

I have walked away from option money in San Antonio several times when inspection uncovered some nasty (not reflected in the price) surprises the seller was not willing to correct or place funds into escrow for correcting.

what if you cant find a buyer - Posted by GENE

Posted by GENE on October 16, 2007 at 17:14:20:

I’m new to real estate and i heard about whosaleing my question is if i don’t find a buyer am i liable and have to purchase that home

Re: what if you cant find a buyer - Posted by Jim (FL)

Posted by Jim (FL) on October 18, 2007 at 09:02:15:

It depends on the terms in your contract. Did you give yoursef an out? Is there an inspection clause or financing contingency?

Re: what if you cant find a buyer - Posted by Rich-CA

Posted by Rich-CA on October 16, 2007 at 17:59:09:

If you cannot assign a contract, then you are responsible for fulfilling its terms.

Re: what if you cant find a buyer - Posted by gene

Posted by gene on October 16, 2007 at 18:34:16:

is their a way you can sign the contract to protect myself if i cant find a buyer or get the fund to purchase

Re: what if you cant find a buyer - Posted by Rich-CA

Posted by Rich-CA on October 16, 2007 at 20:20:20:

The usual way is to put a financing contingency in the contract and cap the acceptable interest rate.

can’t speak for all states BUT - Posted by Kenneth Hocking

Posted by Kenneth Hocking on October 16, 2007 at 19:42:01:

In my state the buyer has 2 potential protections.

first is an option termination agreement typically 100 dollars in which during a specific time the Buyer can Exit without any requirements and recieve back the Earnest money deposit…

ALso the Buyer can in most cases walk from the contract leaving the Earnest Money at the seller’s receipt.

thus you cancel and the seller gets the deposit.

As a wholesaler from the start I wrote most of my contracts with a 15 day $50 Option and $250-500 in Earnest Money deposit with a closing in 60-90 Days.

I risked $550 for a 90 day chance at selling the contract for a profit and if there was no interest at all in the first 10-12 days I excercised my termination option and only lost the $50.00.

Blue Pen Flip I think is the NEW wholesaleing course on this site Joe Kaiser wrote it!