Wholesale Property under Contract

[Rob Widmark]

If I get a property under contract and intent to wholesale it.

Let's say we agreed 45 days from now would be the closing date.

Because this is my first house under contract, I scramble all over the place trying to market this property as a wholesale deal and I can't seem to find an end buyer.

Would I be penalized of some sort for not being able to come up with the funds on our 45 closing date?

Just something I've been kind of thinking about before actually taking the plunge on putting a property under contract.

[Andrew Syrios]

It depends what your contract says, but probably you would just lose your earnest money With wholesale contracts, usually the buyer or assigner puts down very little. I've seen as little as $10, but I think that's a little ridiculous and it should be at least $100.