Hi. I have done a few wholesales and usually put down next to nothing as a deposit. I do this so that if the deal falls through and I cannot get a buyer I only owe the seller the deposit amount.
My question (and maybe I am being paranoid) is that can a seller come after me for more than the deposit amount if for some reason I decide not to go to closing (like if I don’t get an end buyer)?
I don’t want to be liable for more than the deposit amount…Thank you
Terry, you’re putting down a deposit and having the seller sign the contract stating that they are completely okay with receiving this amount of money for the contract. Most motivated sellers will not make this an issue. Just make sure the seller signs the contract, you sign a contract as well. you should be fine. :bouncemulti
My agreement of sales contract states that if the buyer (me) defaults the seller’s remedies are limited to the amount of any deposit.
jmd_forest