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How to Get Your Property Sold Fast When Wholesaling Houses Chat with Chatto 005

450 views · Published 14 March 2018 · 14:55 · Indexed 28 October 2026

Channel: DeRosa Group · 2018 · Education

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Hey Youtube,

Welcome back to another episode of "Chat with Chatto".  On today's episode we're going to be answering a viewer question that was sent in.

Question:  What do I do if I get a property under contract and I can't get that property sold?  How do I get out of the contract?

Contact us with your questions at - [email protected]

So this does happen from time to time, where you get a property under contract and then you can't get it sold.  Here's a few tips to help you avoid that situation.

Tip #1 Find the buyers in the area that you have the property under contract.

Look on Zillow or the MLS and see who's been buying the properties.  Once you have the buyers identified start sending the postcards and find ways to get in contact with them.  Also attend local wholesale meet ups and find the other wholesalers in your area.  Leverage their buyers to give yourself more options.

What if no one "bites"?

Okay, so you have your property under contract which is the "bait" but what if you have your buyers look at the property and they come in at lower number than what you have it locked up for.  What then?

Tip #2 Buyers are Fuel

If you have serious buyers and they end up giving you a price lower than what you have the property currently for, find out the reasons why your buyer is at that number. You can either take that information back to the seller to renegotiate or walk away from the deal all together.  It's not the best scenario but sometimes it's the best decision.

Remember all the tips listed above need to be done within the first 2 weeks of having the property under contract.

So what happens if you can't get the property sold?  How do you get out of the contract?  You need to have disclosures in your contracts.  One that we commonly use is an "inspection clause" which states that subject to the inspection report we can decide to close or not close on the property.  The important thing is that this needs to be done within the first 2 weeks, don't string your seller along.

Tip #3 Study Your Numbers

Often times we notice that "newbies" always lock up properties for way higher than they should.  This presents a problem when it comes time to shop the property and contract to potential buyers.

Tip #4 Partner up with other Wholesalers and Buyers

This is one of the most powerful tools that you can leverage.  Find other wholesalers who are having success in your market and partner with them.  Take less of the assignment fee but use this strategy as a way to get experience on getting a deal done from start to finish.  Use these partners as mentors and advisers.  Take them with you to see the property and show you exactly what to look for.

Action Step for This Week - Marketing

- Start to develop and internet presence, either with a website or social media.
- Bandit Signs (not our favorite) but they work.
- Start making more videos
- Plan your Marketing Campaign : Mailers, Google Ad Words, etc.
- Get yourself a CRM to keep track of all the new people you're meeting

Remember the main thing is that whichever way you choose to market, be consistent.

Hope this helps!

Chat with Chatto - 003 Marketing Tips for Wholesaling Real Estate
https://youtu.be/RKCSo2B7f0I

Education is Key to Wholesaling Houses Chat with Chatto 002
https://youtu.be/cH1YzmYCDVw

21 Year Old Makes $23,000 on First Real Estate Wholesale Deal!
https://youtu.be/UkeUxkLQTFc

First Action Steps to Take When Learning to Wholesale Houses - Chat with Chatto 001
https://youtu.be/fzXubrnuGKM

Chat with Chatto 004 Always Present Yourself as the Buyer when Wholsaling Real Estate
https://youtu.be/h7Nwhd_4wQA

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