Rookie mistake or no other option?

I am just starting in REI, wholesaling. I work with a person who basically brokers their buyers and services such as valuing, contracts etc. Because I will only be in this town for a short time longer and really just want to gain the experience from doing some deals I dont mind working solely with them and splitting my commission.

Question is. I have a preforeclosure who is many months behind and we were in the process of working with his bank and getting an investor to pick it up. This being my second real deal I rely a lot on this other person to know what to do. The house was not put under contract yet. The seller called me today and said he had spoken with the bank and they offered him a loan mod and so he has decided not to sell, thanks but no thanks.

Of course this is good for him and I’m happy he has a good solution but my question is, hypothetically did I screw up or is there no real way to prevent something like this as it is his prerogative to sell his house?

Of course its his perogative as to what he wants to do with his house. You should have gotten the deal under contract before you spent the time/effort attempting to work out a deal with him. lesson learned.

Right, but having it under contract isnt going to stop him if he deicides instead he wants to keep his house and live in it right? Not that I would do that to him even if it would. Sorry I wrote this post when I was tired, thinking back over the situation I dont think there is anything different I could have or would have done.

When there’s no contract, there’s no obligation on anyone’s part.