Hi everyone i am a beginner and i have bad credit and alittle money so i want to start in wholesaling. Now i was wondering if i tied up a deal with the seller and find a investor thats interested in the deal and whilling to close. What if we are in the process of closing and something goes wrong with the closing and it doesnt end up closing. I want to know what kind of problems i will be facing?
thanks for the help…
Focus,
You didnt say if you had the contract or not, but if you did, you might want to sign an addendum to extend time (if time elapsed) which would protect the deal so the seller didnt go selling to somebody else. If it’s not under contract and you’re just kinda sitting in the middle of the deal (I tried it, I hated it) you really have no protection but another person’s word. assuming that this person’s word is good enough, you could negotiate for more time, and scramble for another buyer, maybe lowering your stake in the middle just to get the deal done. changing end buyers will be a pain, just because everything at the title company will be in that first buyers name, but it can be done-you’ll probably have to spend a little bit more of your money to make it happen.
good luck,
7
thanks for the info…