How a Memorandum of Contract Saved My Deal š„šCLOSING DAY
A true story of hustle, setbacks, and closing like a pro This story right here? Youāre gonna want to take notes. Itās a wild rideāand a powerful reminder that you only lose when you quit. š
It All Started in November A wholesaler brought me a deal and needed help finding a buyer. I made a few calls to some active flippers I know, and boomāone of them took the deal down. Everything was moving along. We were set to close in December. But as we got closer to the finish line, I started getting that gut feelingāsomething wasnāt right. ā ļø Red Flags The JV partner started acting funny. Pushbacks. Delays. Excuses. Something told me the seller might not even show up to closing. So, once we got the āClear to Close,ā I did what most people wouldnāt doāI called the seller directly to congratulate her and coordinate the mobile notary. Thatās when the truth hit hard. š„ The Call That Exposed Everything The JV partner was on the line, listening. But the seller went off. She was furious.He had tried to lower the agreed price by $20,000 and pressured her to accept itāafter I told him multiple times not to mess with the price. Worse? He told her the contract was there and she could "think about it." You canāt do that. When you have a buyer locked in and title is ready to go, the seller must know theyāre in a binding agreement. You donāt leave the door open. You lock it in. š§ Making the Smart Move The moment I realized the seller wasnāt going to show up, I got to work.I went straight to my computer, drafted and filed a Memorandum of Contract (MOC). That single move?It saved my neck. We had already put down a $10,000 EMD at title. But after that call, the seller went ghost. š³ļø A Month of Silence Then a month later, I got a call. A relative and an attorney were reaching out. They wanted me to cancel the MOC. I said, āNo problemājust pay me $60,000 or close as agreed.ā They didnāt like that answer. āļø The Legal Back-and-Forth Another month passed. Then I got an email from a title company saying the seller was trying to close with someone else. More back-and-forth with their attorney. More delays.