myEmpirePROIn this piece, you are about to discover why most contracts with intention to wholesaling in real estate get cancelled.
They also get threats and in trouble and attract the worst of seller attitudes.
You must cover 5 powerful tips before assigning a buyer to your wholesale real estate deals but…
Below is a question for us to address with this lesson…
Real Estate Money Secrets on Audio Book
“Help please.
If the grace period for an inspection expires, does this mean as the wholesaler,
I would be liable for title fee from the Title company if I can’t find a Buyer?
There was no EMD (no deposit) placed on the contract.
So would I be in default under the contract if it reads
…If Buyer defaults under this contract,
any and all monies deposited by Buyer(s) shall be retained by Seller as full liquidated damages”?..
The Owner is so difficult to work with, and inflexible.
Closing for the property is next week but I have no buyer.
The initial buyer changed his mind, so now the seller has threatened to sue me if I don’t bring a buyer to the table.
Can he do this?
I used a purchase agreement which under the inspection contingency it reads that, the buyer may cancel in writing with a written notice “prior” to the expiration of inspection period.
However, the inspection period lapsed.
Any suggestions would be appreciated.”
Enjoy the video.
The 5 Tips to Wholesaling In Real Estate in the age … FINALLY
(1) Pre-Qualify your Buyer
Before inspection, much less assigning a wholesale contract to a buyer, you need to check for a valid proof of funds.
Also, to accompany and make an assignment contract valid at all,
A non-refundable earnest money deposit of a minimum of $3,000 in escrow is a must to avoid contract cancellations.
(2) Control Your Fear
The only way a seller gets difficult to work with is if they don’t value your services or your presence.
Only one of you can retain anxiety and/or fear at any point in time during your interaction.
If it’s you, it seem that the prospect is difficult.
You need to transfer all fear and anxiety to your prospect or seller by asking quality questions that reminds them of your value.
Obviously, your prospect won’t cancel contract if they have the fear of losing you.
(3) Attraction Marketing
Focus on attraction and in-bound driven marketing to reduce your anxiety or the actuality of cancelled contracts.
Effectively, a seller prospect that’s reaching out to you would not want to cancel a contract on you.
So, outbound marketing activities suc as
- Knocking on doors and
- Cold calling…
…would usually involve hard-selling.
Therefore, the amount of work you applied to sell the prospect would be necessary to keep them from cancelling your contracts.
(4) Identify the “Why” to Pick the Right Exit with Wholesaling in Real Estate.
This is a must-do when you are prospect a seller.
Ask them “why” they want to sell? If they can’t answer that simple question, they will naturally be flaky.
When you hear…
“I don’t have to sell.”
You don’t have to discard that lead but your next action must reflect lack of motivation to sell at a deep discount.
(5) Build a Pipeline for Wholesaling in Real Estate
Finally, you are not ONE DEAL AWAY.
One deal may not change your life.
It can become a proof of concept of course but this is a real business
…and your faith will be tested even after your first wholesale deal.
You are more like ONE SKILL AWAY
… and that is the skill to build a pipeline of leads flowing through your business on a daily.
You will then have options to continue even if one contract is cancelled.
Your attitude would be “so what.”
NEXT!
