I’ve been told when you’re wholesaling in Indiana, you can get sued if you get to the end date of the contract and haven’t closed.
You guys know that to be true?
I’m not from Indiana but as long as you put a good contingency clause or 3 in your contract you’ll have nothing to worry about. You will however forfeit any and all earnest money deposits you put up, which is fair.
That’s a new on to me. Check with other investors in Indiana to see if that is true. I think it’s not true to be honest, but double check. Deals don’t close for a variety of reasons. First off, how would anyone other then the wholesaler know he or she is wholesaling a property? Many real estate contracts never close, because either the buyer couldn’t get financing, something found wrong with the property upon further inspection, clouded title etc. I never tell anyone I’m merely going to wholesale their property. If it states in your contract between you and your seller that you can terminate the contract under certain clauses, then I don’t see how you can be sued if both of you sign on the doted line.
I agree, check with other investors in our area that are doing deals. They have some good pointers and can be good partners also. Bring you paper work to the title company or closing agent and ask them are you covered with what you have. They will be able to help you. :cool