What Happens If you are a Wholesaler & Get Property under Contract you can sell?

[Alex Holt]

Hello I am New to the real estate wholesaling side i was wondering What Happens If you are a Wholesaler & Get Property under Contract you can sell?

What would you put in your contract to protect you ? 

Another big question i have is with a contract do most people do a double close ? If so what happens if your credit is bad or you owe debtors or have liens or judgements against you would you not be able to put the property in your name to move ?

I have a few business partners who are asking theses questions as well so i just would like some friendly advice.

Thanks

[Bill P.]

@Alex Holt

Wholesaling is under attack I the State of Ohio by the Division of Real Estate. Remember to sell your contract, not the house. To do otherwise might be construed as practicing real estate without a license if you get the ire of the Division. Just make sure to word your contract correctly and don't hang out your sellers to dry. Use a reasonable period of time to find your cash buyer but using a long time for your benefit doesn't benefit the seller and they could start a complaint at the Division for your unprofessional contact. BTW, most wholesalers focus on the property and not the contract and that is their Achilles' heel if they every had to go to court. Of course, this is not legal advice; only something to think about and to discuss with an attorney.