The Biggest Mistake New Wholesalers Make That You Can Avoid

The biggest mistake a new wholesaler can make is they sign a contract first. They take a contract, fill it out, and send it over to the seller. After they send the contract they then wait for the seller to contact them back or sign it, and then the seller often will ghost them. Then they have days of going back and forth.

What I like to do is send the contract to the seller and say, “My offer is good until 5pm today”, and they need to sign it ASAP. Now once they’ve signed it I get to choose if I’m going to sign it.

Otherwise what the sellers are going to do, which is what anyone would do, is they’re going to shop your offer. For example, if you offer $250,000, they are going to go to the next person and say “Hey he offered me $250,000, can you offer me $260,000.”

If you don’t want that happening to you:

1. Send the contract to the seller first
2. Give them a specific period of time to sign the offer
3. Do not walk out of the door without a signed contract. If you don’t that lead becomes available to all the other reps in the organization.

In other words, close! Go on the appointment and buy the house with a signed contract, if it is a live appointment. If you are sending the contract via DocuSign make sure that the sellers sign the contract first before you do.

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