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In the video tutorial "Flipping and Wholesaling Houses in New York," Michael Pinter explains the process following the signing of a purchase agreement, referred to as a contract in New York. He begins by discussing what occurs outside of New York, where buyers typically enter a due diligence period after signing, allowing them to reassess their decision to close. This period is often referred to as "opening escrow" in states like California. During this time, buyers can evaluate the property, check necessary details, or seek buyers if wholesaling. The video aims to guide viewers on navigating these processes, particularly emphasizing differences between New York and other states.