I Have a House Under Contract Now What Do I Do?
You do realize you have someone’s livelihood in your hands? If you don’t know what to do after you put a house under contract you should have never written the contract. That’s a fact.
This is probably one of my biggest complaints with Wholesalers. I see this exact question asked almost every day in a group on Facebook. Everyone wants to succeed and help people but putting a house under contract not being prepared is reckless and not helping anyone. They are pinning their hopes on you and you have no clue how to fulfill the promise you made.
What You Should Do
If you don’t know the process it’s not a good idea to go at it alone on your first deal. I know a lot will disagree with me but let’s be honest. The people that will disagree are the same people that run to Facebook groups and pretend to be experts without any real knowledge of Real Estate.
It might help you to find someone in your market that is good at an area of the process you aren’t good at yet. If you can sell glasses to a blind lady then maybe you are better suited to keep up buyer relations. Your partner may be better at relating to sellers but struggles with buyers. There is no way you can know everything when you start. If you choose to work with someone be cautious who you choose.
At the end of the day you only have your reputation in Real Estate. People will talk. They can talk all they want so long as it’s from respect of knowing you are capable. Some would call that jealousy but take it as a compliment.
What You Shouldn’t Do
You shouldn’t put a house under contract without knowing any buyers or the process that comes after the contract is executed. This is reckless and will eventually lead you to more bad habits. We all understand the appeal of closing a deal and getting a check. That’s the end part of it. You can’t get there without the pieces that must take place in order to receive a check. You are putting someone’s life in your hands that is trusting you to deliver on your promise. If you were in the same situation needing to sell your house, would you trust yourself to get your own house sold fast? If you can’t say yes, slow down or a train wreck is up ahead.
What Do I Do Now That I Have it Under Contract? EarlToms Rant Over…Until Next Time