It’s inevitable. If you’re a real estate wholesaler, then you’re certainly going to experience when the seller wants to back out of the deal. It’s very frustrating, especially if you’ve already assigned the contract to your new buyer.
Maybe you’ve found yourself with one of these sellers, and left wondering what to do now. I mean, they’ve signed a contract. They should have to perform, right? The truth is, you can’t drag a seller to closing and hold their arm while they sign.
Most contracts specify the remedy for non-performance by both parties. Typically, a buyer must sure the seller for specific performance. This is a costly and time consuming process. Most if the time, not worth it.
There’s another option for securing your position in the property in the event the seller decides to back out. Watch the video below to learn:
Reasons why sellers want to back out
The time frame they typically fall apart
How to professionally handle the situation
Do you have any case studies that you’d like to share about a seller backing out of one of your deals? Share your story here by commenting below, and let us know how you handled it.
Keep on Rockin’!