Wholesale Deals: Potential Unscrupulous Buyers
I’m a wholesaler and was told to NEVER leave a potential buyer and seller alone together during a walk-through because the buyer could go around me and try to steal the deal.
QUESTIONS:
- If I’m under contract with the seller and it’s filed with the title company, how could a buyer do that without it being breach of contract by the seller?
- If this potential buyer were unscrupulous, they could easily contact the seller afterward so why do they need to be watched closely during the walk-through? There’s a reason why they’re “unscrupulous.”
- If a potential buyer made an agreement with the seller in writing while the seller and I were still under contract, I didn’t find out about it, my contract with the seller expired, and this buyer then essentially steals the deal from me. What recourse would I have at that point?
- Is there any way to prevent this from happening?
- Is there anything else I’m missing or need to be aware of regarding bad actors?
TIA for your feedback!
P.S. If I don’t succeed as a wholesaler, I would probably fare well in Risk Mitigation/Management, lol!