Wholesaling; contract clarification

[Tyler Chagnon]

Good evening everyone,

I am new to the idea of wholesaling and I am trying to learn everything I can to get off on the right foot.  After much research I have learned a lot, however I still have not been able to identify what happens if a property is placed under contract and I do not have a buyer by closing?  Am I able to renegotiate closing in lieu of searching for a buyer, and if so at what point does that become an illegitimate excuse?  Ultimately I am wondering what would, or could happen that would leave me, the wholesaler, stuck with this property?  I've been guided to ensure contracts contain the right clauses to protect yourself and all parties involved, is this clarified in a particular clause?  Maybe I have not dug enough to find this answer yet, but any wisdom is appreciated, thank you all for your time and help.