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All Forum Posts by: Corey Gelineau

Corey Gelineau has started 1 posts and replied 2 times.

Wholesaling

Post: About Inspection Contingency

Corey GelineauPosted
  • Realtor
  • Lewiston/Moscow and surrounding areas
  • Posts 4
  • Votes 0

Thank you all for your comments and for helping me understand this issue better; I appreciate it!

0 Votes
Wholesaling

Post: About Inspection Contingency

Corey GelineauPosted
  • Realtor
  • Lewiston/Moscow and surrounding areas
  • Posts 4
  • Votes 0

The inspection contingency is used to legally back out of a contract due to the property being in an unacceptable condition upon inspecting the property. Yet, it seems common practice for wholesalers to use this contingency to back out of the contract simply because they have not found a buyer within the inspection period. This appears to be a misuse of said contingency. What are your thoughts on this? And if it is a misuse of the inspection contingency, aren't wholesalers who do this running the risk of being sued and even being forced to purchase the property themselves? 

0 Votes