All Forum Posts by: Anita Gee

thanks @Damarius Gilbert.. 

Hello everyone,

Here's an update about that wholesale deal! Well mind you the seller supposedly claimed that he wasn't moving any longer.  He then had his attorney send my attorney a letter stating the deal would not take place.  This morning I happened to get an email from another wholesaler I informed about the deal when it was under contract. To my surprise the house was on his list of homes.  Which means my intuition of the seller going with someone else was correct.  Not only that I told the wholesaler about the deal thinking he'd be interested and next thing you know it's a cancelled contract and he now has it under contract.  I am learning fast that this game can be cut throat.  I informed my attorney because she works with the other  wholesaler sometimes for deals.  He referred the attorney to me actually.  She said he didn't send that deal to her; as he works with a few other attorneys sometimes.        My question is how do I prevent this from happening again in the future? 

I was informed by my attorney that she received a cancellation of contract today via sellers attorney.  It's expected I suppose and will happen again.  This just motivates me to try harder and have several deals pending at once so one won't seem so bad.....

The assignee is aware of the situation as I called her immediately. We will see what the attorneys suggests...@Jeff B.  I will keep everyone posted.  I am sure it happens and that's life but I just want to try to prevent mistakes like this from arising in the future...It's not fun when it happens to you....

I had a house under contract as of Feb, 28th. Mind you this is my first wholesale deal. The seller said he had to move to California. I found a buyer Last week and we signed assignment contract today. To good to be true right? So, I faxed over the original contract and assignment both to my attorney to help me through the wholesale process and my assignee's attorney. A few minutes later I get a call from the seller saying something came up and he is no longer moving. Sounds a little suspect. I informed my attorney and my assignee right after. Has this ever happened to anyone? If so what happened next? I didn't know you could just back out of a contract that has not expired and with earnest money given etc...Another good question is what would happen if I never found a buyer? I am awaiting to see what the attorneys decide to do...

Congradultions!!

I had a house under contract as of Feb, 28th.  Mind you this is my first wholesale deal.  The seller said he had to move to California.  I found a buyer Last week and we signed assignment contract today.  To good to be true right?  So, I faxed over the original contract and assignment both to my attorney to help me through the wholesale process and my assignee's attorney.  A few minutes later I get a call from the seller saying something came up and he is no longer moving. Sounds a little suspect.  I informed my attorney and my assignee right after. Has this ever happened to anyone?  If so what happened next?  I didn't know you could just back out of a contract that has not expired and with earnest money given etc...Another good question is what would happen if I never found a buyer?   I am awaiting to see what the attorneys decide to do...

@Ray Barlte,

Are you referring to the buyer or seller paying their own in most of your wholesale deals?

This was really helpful.. 

Thank you everyone

Hello all,

I am a investing realtor from Chicago and have a potential wholesale deal however the only thing holding me back from making writing up the contract is the fact that the seller wants the buyer to pay for closing costs?  I want to be clear to my investors and I do know closing costs can vary.  The deal is a brick 5 bedroom turn key condition house in Roseland...

Does anyone have experience with this?  how is this normally handled?

Hi Jennifer,

Would you mind sharing the forms you use for wholesale deals?