Wholesale contract

[Justin Lloyd]

What happens if you put a house under contract but don't get it sold in the agreed upon time frame? This question is for my Missouri folks.

[Tim Ball]

@Justin Lloyd That is what an option period is for.  If you have no plans to purchase it yourself, just be straight up with the seller.  "I work with a handful of investors who buy properties like yours for cash.  We would be interested in this property for X amount of dollars.  We just need an option period to make sure our numbers are on point."  If you are unable to sell it during the option period, then obviously, you were unable to make the numbers work.  That is what an option period is for.  You have the "option" to back out in a certain timeframe if you can't make the numbers work.  You can be truthful with an owner without saying, "Im looking to wholesale your house, which means I will be selling it for more than what you are selling it to me for."  Thats really none of their business.  You agree on a price that they are happy with.  Whats it to them if you have $50,000 off the property, or light a match to it once its out of their hair?!....know what I mean?....America!!!!!!