Tyson Smith shows how to cancel a real estate purchase contract using Section 4, the inspection period. Send a cancellation email to the seller citing underwriting issues, notify the title company if involved, and follow up with a phone call as a courtesy.
How do you cancel the contract if you can't find a buyer? If you're using my contract in the Section 4, I believe it's called inspection period. It says that the buyer, in the buyer's sole and absolute discretion, may cancel this contract in writing. So all you have to do to cancel the contract is send the seller an email saying, hey, we're canceling the contract. I put in my email, hey, we're canceling the contract. The property did not meet final underwriting guidelines. Then you would also, if you've submitted the contract to a title company, you need to let the title company know that you're terminating the transaction as well. And then also, I'm not just a scumbag, so I'm gonna call the seller. I'm gonna let him know as well. I'm not just gonna send it by email. You know, it's like breaking up with a girl over text.
Join My Luxury Wholesale Coaching Call For FREE // Tyson Smith & Matthew Tooker
