Skip to content
×
Try PRO Free Today!
BiggerPockets Pro offers you a comprehensive suite of tools and resources
Market and Deal Finder Tools
Deal Analysis Calculators
Property Management Software
Exclusive discounts to Home Depot, RentRedi, and more
$0
7 days free
$828/yr or $69/mo when billed monthly.
$390/yr or $32.5/mo when billed annually.
7 days free. Cancel anytime.
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
Buying & Selling Real Estate
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated over 10 years ago on . Most recent reply

User Stats

83
Posts
27
Votes
Lori Valene
  • Rental Property Investor
  • Kent, WA
27
Votes |
83
Posts

Is there a really good "bullet proof" wholesaling contract out there?

Lori Valene
  • Rental Property Investor
  • Kent, WA
Posted

Just lost a deal because the seller changed his mind 2 days before closing. He took my contract to a lawyer and said he was going to fight this. Basically a real estate agent poached him from me, promising he would make more money going with him. This would have been my 1st deal. 

Most Popular Reply

User Stats

16,433
Posts
12,718
Votes
Ned Carey
Pro Member
  • Investor
  • Baltimore, MD
12,718
Votes |
16,433
Posts
Ned Carey
Pro Member
  • Investor
  • Baltimore, MD
ModeratorReplied

The elements that make a contract a binding contract are pretty simple. My guess is your contract probably is valid. However these days people often break contracts without valid reasons. A lot of it comes down to how hard you want to fight. 

If the deal was important to me I would not hesitate to contact the agents broker and tell him what the agent did. Interference with an existing contract is a tort. (something you can sue over) The BROKER in addition to the agent is liable.  This is the kind of thing agents lose their license over.

I has this happen to me and filed a specific performance suit against the seller. The agent backed down very quickly. Ultimately I made $70K.

When this happened I looked at the sanctions against agents. Sure enough it was a common complaint and the real estate commission obviously took it very seriously.

  • Ned Carey
  • Loading replies...