A buyer backs out after you've already told other buyers no. Lock the property immediately, walk through the contract with the seller, explain the inspection period, and tell them not to make other plans until that contingency expires. Keep talking to them throughout.
Biggest worry for me is sellers start moving and then buyer back out. How do you handle that? When we're saying we're gonna buy somebody's home, people start making other arrangements. And that's why I'm sure that I'm being very like always communicating with the seller about the status of the deal, right? So as soon as I get the property locked up, I'm gonna go ahead and I'm gonna have somebody call the seller and they're gonna go over everything in the contract, right? We'd be like, hey, look, we're closing on this day. This is how much you're getting paid. Now look, notice we have an inspection period for this day, so do not make any plans until that's over because we want to make sure that we are 100% committed and able to do this deal before you to make other arrangements. Does that make sense, right? So it's just a communication thing. Like, we are talking with the sellers throughout the entire process to make sure that they don't put themselves in a bad spot in case we aren't able to find a buyer or something like that.
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