November 11, 2015 in Videos
My reader question today comes from a wholesaler fresh off of a bad experience. He said, “My buyer backed out of the deal”. What do I do now?
This has happened to more than one wholesaler; buyers backing out of the deal at the last minute. His seller was furious when he couldn't close in the short time time frame he put in the contract and had to ask for an extension.
So the question is, “How do you prevent your end buyer from backing out of the deal”? The answer is you get a big non-refundable earnest money deposit! His next question was, “What if they don't want to do that”?
Here is my feeling on the subject; I don't give them a choice. If they don't want to put down a substantial earnest money deposit they are probably not committed to the deal and I move on. Once you have been investing for a while, you will be able to quickly sort out the tire kickers from the serious investors.
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I would love to hear from you. Have you ever had someone back out of a deal?
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