Cancelling a Contract

[Alain James]

Hi guys, Here's a question, if a seller is under a previous contract with a buyer and receives a counter offer that he or she likes better,what must they do to legally cancel the contract they're previously under? Will love your feedback.

Alain James

[Jay Hinrichs]

if they are under contract they are under contract legally speaking..  as long as EM that may have been required has been put into escrow by the date on the contract.. No EM  NO contract.  

However keep in mind in the wild world of wholesaling many sellers just don't honor contracts and will sell to the next person who gives them a better offer. this leads to threats and so on and so forth.. but pretty costly to enforce contracts and so the profit might not be worth fighting for.
but if you get the reputation of snaking other investors ( not saying you would or have done this) that might not be too good for you long term.