How To Find DEALS On The MLS & What Happens When Deals Don’t Go Through

If the deal doesn’t work out for you, make sure you have the inspection period that you can go ahead and cancel escrow due to the inspection not being approved, and you’ll be just fine and get your earnest money back.

 Access My Entire Training Library (For Free)
https://thescienceofflipping.com/insider

Subscribe 
https://www.youtube.com/justincolby

 Book A Call  
https://www.thescienceofflipping.com/learn-more

Yo, yo, what is up everybody? Welcome back to the science of flipping podcast I am your host, Justin Colby. And on this episode, we are going to be talking about how we are currently getting deals on the MLS using privy and what happens if the deal doesn’t go through. As always, our main sponsor Minute Pages brings you this episode. If you’re a real estate investor, and you want credibility, if you want to create influence, if you want authority in your marketplace, make sure to go to minutepages.com for professionally done websites that you even can edit yourself at a fraction of the cost to build websites. We all know about branding and authority in your marketplace. So go to minute pages.com To get your website’s now. Alright, so we have been doing a lot of deals on the MLS using privy some of you may have heard about it, some may not have. Either way, I’ll tell you go to privytsof.com privytsof.com and get yourself a subscription. This is the easiest place for you to do virtual wholesaling, virtual, rehabbing and virtual buying and holding in any marketplace. Why is that? Well, it’s because it gives you access to over 40 to 45. local MLS is in some of the best cities possible to be doing deals. They’re not in every single market, which is totally fine. But not only do they give you access so that you can make direct offers with agents on the MLS.

They also have a utility to find the right buyers. If you’re a wholesaler, you’ll know exactly the percentage of ARV straight percentage that your buyer will be willing to buy your property. Now we’re doing about five of these a week right now in today’s market, which is currently changing real time. So if you go to privytsof.com, get yourself a subscription because you could be making offers today. And offers means deals. Now, let’s just say that deal is no longer a deal for you or for maybe one of your buyers, if you are going to be wholesaling it. What do you do? Well, the way you construct your offer is to make sure that you do have some sort of contingencies. Even if you’re buying a home for yourself on the market, you want to either have an inspection contingency and appraisal contingency or a finance contingency. Now as an investor, mostly what I rely on is the inspection contingency. I want to make sure my rehab numbers in budget are in alignment with what I’m going to be looking to contract this deal with, the only way to do that is to inspect the property. So on all of my offers, I have a 14 day contingency period. Well, depending upon whether I’m going to be buying the property for myself as a rehab or rental or potentially wholesaling it, I need to make sure I’m looking at the property for the right exit strategy. Now if I’m going to wholesale the property, I need to make sure whether I’d wholesale it to a landlord type buyer or a fix and flip type buyer. So let’s just say I’m going to wholesale this property. Well, what happens if none of the buyers want it because maybe it’s overpriced based around the numbers they’re seeing. Remember, the market is shifting real time right now. Well, the best and easiest way to cancel Escrow is if you’re working with a realtor, email the realtor saying based around my inspection in my inspection, consent contingency period, I’m looking to cancel escrow and receive my earnest money deposit back.

Guys, if you’re liking this video, make sure you smash the like button and make sure you are subscribing I dropped five videos a week. If you’re listening to this on iTunes, make sure you give me a five star review. I’d greatly appreciate it. Now one of the secret sauces I bring to you guys each and every week on these videos. Now one of the secret sauces I have in my business is that I actually increase my earnest money deposit. That’s a lot of times how I’m actually able to get deals where my competitors aren’t. So if you’re someone who’s offering $100 For earnest money deposit, I might be offering 1000 If you’re offering 500 I might be offering 5000 My point being is it strengthens my offers. So it’s really crucial. If I’m not going to be buying it or if I can’t wholesale it that I need a way out to get my money back. The best way to do that is to put it in writing. Make sure you’re emailing the agent that is associated with the deal saying you’d like to cancel your escrow based around your inspection. Based around the terms of the inspection contingency, I would like to have the money refunded to me. Now, here’s the big most important tip, when you are making the offer read through the contract thoroughly.

If you’re working with an agent, a lot of times the agents will say the contract is not assignable. That won’t work for you as an investor, whether you’re assigning as a wholesaler, or potentially even myself that one of the entity is more of a fix and flip entity. Another one of my entities is a buy and hold entity, I need the ability to assign between the two, depending upon how I’m buying it. So I need the ability to sign. So make sure you have that ability to assign. Now also you want to read through to make sure based around how you are able to ask for your money back that you don’t need a written inspection by a paid inspector. There are some cities and states that do look for that. Now it’s not in every city, and it’s not in every state. But you will want to make sure that you are able to back out based on the inspection without any other written documentation. Besides your statement, the email you’re writing, to be able to cancel escrow. So you’ll want to get clarity on that. At the end of the day. The thing that you need to make priority is making offers. Making offers is most important so you can go get your deals. If a deal doesn’t work out for you, you can simply back out of the deal based around your inspection period. The best place to be making offers is privy privytsof.com and that is the best tool that we’re using right now to get five deals each and every week. I encourage you to sign up for it. There is a cost I believe it is $97 a month, which is minimal to even get one deal a month, it makes all the sense in the world. That being said, if the deal doesn’t work out for you, make sure you have the inspection period that you can go ahead and cancel escrow due to the inspection not being approved, and you’ll be just fine and get your earnest money back. I hope this helped you guys. Make sure you are liking the video. Make sure you’re subscribing to the video. And if you’re listening on iTunes, give me a five star review. I greatly appreciate it. I’ll see you guys on the next episode. Peace