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In the past, real estate transactions were sealed with a handshake, but now it's important to have written contracts due to potential issues with sellers. Wholesalers need to be aware of ways to prevent being cut out of a deal, as it's a common occurrence in the industry. Jerry Norton discusses the four steps to prevent buyers or sellers from cutting you out in wholesaling houses. Key moments for wholesalers include signing contracts with motivated sellers and cash buyers, leading to a successful deal closure and receiving a significant payment.