OfflineHi,
We are currently working together with an agent and we're about to put 2 offers out today. We have been emailing and one question that our agent has for us is this:
What amount would you like to put in escrow upon acceptance? $1500?
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What amount is he talking about? Is this the earnest money deposit? Or a down payment?
All the offers we are submitting are cash offers, as we plan on assigning them.
Any help will be greatly appreciated!!
Thank you all!!
__________________
"You deserve to be successful"
Gabriel Do Carmo
www.gdc.usapropertywholesale.com
I am new here as well, but that seems to be the earnest money.
A good piece of advise I found in regards to earnest money was from.. I think Joe Jurek, where he said that he would refrain from putting the earnest money down on a property before completing inspections.. this would get the realtor off your back, and still show that you are a serious purchaser.
Hope this helps..
-Chris and Kether Sprague
“I do not think much of a man who is not wiser today than he was yesterday.” -Honest Abe Lincoln
Want off market sellers to call you? I think writing letters to vacant home owners is a great marketing avenue. I have vacant homes in every state! With the owners address! I want to partner with other wholesellers. If you are interested, please PM me! -- This is how I got my first deal, and I will give you leads and help you build your/our team! if you don't have them already.
Thank you all. I just sent a reply to him with the info you provided Masseur, thanks
"You deserve to be successful"
Gabriel Do Carmo
www.gdc.usapropertywholesale.com
They will probably counter with a higher EMD, which is expected. When wholesaling deals, what do you guys do about earnest money, to make the deal happen?
I don't think its really important because either way the seller will get all the cash at closing, right?
Thanks in advance
"You deserve to be successful"
Gabriel Do Carmo
www.gdc.usapropertywholesale.com
Its sometimes difficult to work with agents when it comes to EMD, they all want at least 1%, but ultimately it is up to YOU the amount you put in there. They will tell you that the offer will not be taken seriously, but its your discretion to put in a low EMD. So glad you are taking action! Way to go!
Remember, your EMD isn't due until after the contract is signed; in CA you have a 3 day grace period, not sure about other states. However, on my latest deal, I did not even put my EMD into escrow.
Nice that you didn't put any EMD down, how did you manage to do that?
Also when you say EMD is due when the contract is signed do you mean when you first sign it as a Buyer? Or are you saying when the offer is accepted and signed by Seller also?
Sorry for so many questions, but thank you!!
"You deserve to be successful"
Gabriel Do Carmo
www.gdc.usapropertywholesale.com
Write in all of my offer the EM is due upon approval of inspection. Just one more way to think about it
"Don't tell me I can't, Tell me how I can."
Write in all of my offer the EM is due upon approval of inspection. Just one more way to think about it
"Don't tell me I can't, Tell me how I can."