The Seller Wants To Back Out Of The Contract -- This Is How You Deal With It (Live) | Flipping Mastery Breakout
Wholesale Hotline | Brent Daniels
Wholesale Hotline
4.9 • 586 Ratings
🗓️ 11 June 2023
⏱️ 18 minutes
🧾️ Download transcript
Summary
Today on the Wholesale Hotline Podcast (Flipping Mastery Edition), Jerry Norton shows you exactly how to deal with a seller wanting to back out of a signed contract.
Show notes -- in this episode we'll cover:
- What to do if a seller signs a contract with you and then signs another contract.
- When you should allow a buyer or seller out of a deal.
- Jerry speaks with a seller backing out of a deal live at the end of today's episode.
Videos mentioned:
- Jerry exposing scam: https://www.youtube.com/watch?v=qBp6iyr8wHw
- Jerry reacting to a scam: https://www.youtube.com/watch?v=W_tu7Il8BUs
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Jerry Norton went from digging holes for minimum wage in his mid 20's to becoming a millionaire by the age of 30. Today he's the nation's leading expert on flipping houses and has taught thousands of people how to live their dream lifestyle through real estate.
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Transcript
Click on a timestamp to play from that location
| 0:00.0 | Hey, it's Jerry Norton. Welcome to the Wholesale Hotline podcast and the Flipping Mastery Breakout. |
| 0:08.0 | We want to know how we're doing, so please leave a comment and give us a rating. |
| 0:15.7 | If you're a wholesaler or aspiring wholesaler, a common occurrence that will happen, if it hasn't already, is a seller or a cash buyer will want to back out of a fully executed contract that you have with them. |
| 0:27.6 | When that happens, how should you handle it? When is it okay? When is it not okay? |
| 0:31.6 | When should you let the seller or the buyer out of the contract and when should you enforce it? |
| 0:36.6 | I'm going to make a clear for you |
| 0:38.4 | and be sure to stay at the end where you can listen to a live call I had with a seller who wanted |
| 0:43.3 | to back out of our contract so you can see exactly how I handled it. First, let's talk about when and how |
| 0:49.6 | to enforce a contract with a seller or a buyer and how you can protect yourself as a wholesaler. |
| 0:55.2 | Like all industries, there are dishonest people who lie, cheat and steal, and wholesale real estate is no exception. |
| 1:02.0 | When a person has low integrity and money is on the line, they often make bad choices. |
| 1:07.0 | But I will say this, the bad actors in the industry are the exception, not the rule. |
| 1:12.6 | After nearly 20 years in the industry, I've only personally experienced a handful of dishonest parties in the transaction, |
| 1:19.6 | and I'm convinced that the majority of people in wholesale real estate are honest and fair in their dealings, |
| 1:25.6 | but there are the exceptions so you still |
| 1:28.4 | need to be aware of the underbelly of wholesaling remember your job as a |
| 1:32.5 | wholesaler is to source and find distressed sellers looking to sell their |
| 1:36.4 | unwanted properties at a discount for a fast convenient as is cash closing now |
| 1:41.7 | once you and the seller agree on price and terms, you'll execute |
| 1:44.8 | a purchase and sale agreement. That purchase and sale agreement is a legally binding contract |
| 1:50.3 | between you and the seller. Like any transaction between two consenting parties, a written contract |
| 1:56.4 | is what commits and protects both parties and violating the terms of that contract could result in |
... |
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