Hello veteran wholesalers,
I want to become good at wholesaling. I have just negotiated a good price on a residential lot (I have it under contract until July 19th) and now I want to wholesale the contract to another buyer. This is the first wholesale deal I have ever tried to do. I put an add on Kijiji with a price that has my contract fee built into it. The owners have a for sale sign on their property with their phone number. Here is my problem. When I got phone calls of interest on the lot, I gave the lot address and told the buyers that I had a contract to buy the property and that I could pass on the deal to interested parties. Was this a foolish mistake? I am now thinking that when the buyer goes to see the property and see the For Sale sign, they can easily contact the owners themselves and ask when my offer expires. They already know that the owners will accept a little less than the price I had advertised on kijiji. Even if the owners didn't have their phone number on the lot, anyone can find out who the owner is by paying a small fee at Alberta Registries and then buy the property directly from them after having found out from me how low the owners are willing to go. Do you have any suggestions and or advice that would help me to prevent this from happening in this deal and in any future deals I may do?
I don't necessarily want to buy the lot, but I don't want to keep finding and negotiating deals that get bought out from under me. When doing these deals what information should you give to the owners of the property and what information should you give to prospective buyers? Please help me. I appreciate any advice and or information you are able to offer.
Sincerely,
Janelle
I want to become good at wholesaling. I have just negotiated a good price on a residential lot (I have it under contract until July 19th) and now I want to wholesale the contract to another buyer. This is the first wholesale deal I have ever tried to do. I put an add on Kijiji with a price that has my contract fee built into it. The owners have a for sale sign on their property with their phone number. Here is my problem. When I got phone calls of interest on the lot, I gave the lot address and told the buyers that I had a contract to buy the property and that I could pass on the deal to interested parties. Was this a foolish mistake? I am now thinking that when the buyer goes to see the property and see the For Sale sign, they can easily contact the owners themselves and ask when my offer expires. They already know that the owners will accept a little less than the price I had advertised on kijiji. Even if the owners didn't have their phone number on the lot, anyone can find out who the owner is by paying a small fee at Alberta Registries and then buy the property directly from them after having found out from me how low the owners are willing to go. Do you have any suggestions and or advice that would help me to prevent this from happening in this deal and in any future deals I may do?
I don't necessarily want to buy the lot, but I don't want to keep finding and negotiating deals that get bought out from under me. When doing these deals what information should you give to the owners of the property and what information should you give to prospective buyers? Please help me. I appreciate any advice and or information you are able to offer.
Sincerely,
Janelle