is it easy to wholesale a contract from a wholsaler? do you have to do a double closing? and how does that work exactly at closing, are both wholesalers listed on the settlement sheet as an assignment fee?
In my dealing with a couple of Title Companies, they will do whatever the contract says. Usually if I run across a situation like this, I’ll just email my Title Company and get their input - since they’re the ones that will sort it all out.
Ok, so I want to ask you guys opinions on what I should do here. This deal started to turn out so screwed up. To make a LONG story short, me and the wholesaler I was going through for the deal got into a problem of where he thought I was trying to screw him on the deal. He was sending me accusations in email and threatening to sue and contact my lawyer, etc…etc… AFTER he found out MY side of the story, he backed off and apologized. Now he’s wanting me to bring my buyers back into the deal(I’m guessing he doesn’t have any buyers otherwise he would have closed himself). Should I continue with the deal and make some money if it closes, OR just walk away??
I was getting really stressed out when he was accusing me and threatening to sue. This is my first deal and he just jumped off the handle without hearing what I had to say. It seems the complications are over, but I just want to see what you guys would do in my situation.
Thanks!
1st of all, if you we’re trying to wholesale a deal that I had assigned to you and you weren’t forthright with me, I would be extremely pissed.
Find your own deals and assign them. I place clauses in my assignment contracts that protects me from anyone else assigning it again. On top of that, you are so green and have probably complicated the process for the other wholesaler.
Do upon others as you wish it done unto you.
Find your own deals or close on the deal you signed and do the rehab yourself.
Just my .2 cents.
Happy investing.
My opinion:
Sure, bring the buyers back. But make sure that you have an “out-clause” in your contract in case something is screwed up. But there is no problem in your house or contract being flipped more than once, as long as the people actually close, and the title company has no problem with it.