Legal consequences of not selling

[Juan Mendoza]

Hello, everyone! Merry Christmas to all. Over the past weeks, I have been educating myself on everything that has to do with real estate investing. I have decided to start with wholesaling since I don't have much money at all among other factors. Once I sign the purchase agreement which from my understanding mean that the property is under contract. If I file an Affidavit of memorandum at the courthouse.  This second action would prevent the seller from selling the property to someone else. My question is If for some reason I'm not able to sell the property. once I notify the owner that unfortunately, I was not able to sell the property. He will obviously not be happy, but can he take any legal action against me like sue me? for not keeping my word in the contract. Can the Affidavit of memorandum we removed if I can't find a buyer myself? Thank You, I hope I was clear enough.

[John Thedford]

I would hope he sues you. You are entering into a contract under false pretenses and then you are worried about legalities? And then promotion of BS excuses to back out? Not much of an indication of wanting to operate honestly IMO. Do you tell the seller you cannot close or do you mislead them? I think we know that answer!  "Real estate professional"? Explain please! You are the perfect example why we need laws to protect the public.