Assignee backs out of deal?

[Jacob Cuellar]

Hi there everyone! I am looking to get started in wholesale real estate but I have one thing that’s keeping me from starting. What do I do/what happens if my end buyer backs out of a deal and I can’t find another buyer to assign the contract to? Has this happened to anyone?

[Account Closed]

There are a couple of things you can do if you get stuck. One is to renegotiate with the seller because maybe the price is not low enough to attract buyers. The second is to find another wholesaler in your area who has a robust buyer's list to see if you can JV. The third option is to release yourself by using the "out" clause" that you have in the contract. Also, make sure you are not trying to wholesale in rural areas with few buyers, as you surely will get stuck! Good luck!