Recently I have received a lot of calls regarding earnest money and how to protect yourself against losing it.
Remember the purpose of submitting earnest money is to show intent, basically showing your interested in the property. Here are a couple of pointers on earnest money.
1-Make the check for earnest money out to “Escrow”
2-Make a copy of that check
3-Submit the copy of the check, not the actual check with your offers.
4-Negotiate the amount, and the time that the earnest money comes due.
5-Make sure you have your exit strategies.
All of those should take the fear out of submitting earnest money. Don’t worry about losing your money, take precautions to ensure you don’t lose it. And don’t forget that everything is negotiable until the offer becomes a contract.
Recently I have received a lot of calls regarding earnest money and how to protect yourself against losing it.
Remember the purpose of submitting earnest money is to show intent, basically showing your interested in the property. Here are a couple of pointers on earnest money.
1-Make the check for earnest money out to “Escrow”
2-Make a copy of that check
3-Submit the copy of the check, not the actual check with your offers.
4-Negotiate the amount, and the time that the earnest money comes due.
5-Make sure you have your exit strategies.
All of those should take the fear out of submitting earnest money. Don’t worry about losing your money, take precautions to ensure you don’t lose it. And don’t forget that everything is negotiable until the offer becomes a contract.
Happy Investing.