OfflineI have been doing the 25:1 system with my agent submitting offers. On quite a few properties the response I got was "formal offer required with earnest money deposit". I am in Los Angeles, CA, has anyone else run into this and have a solution? Thanks!
Caesar
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You are dealing with an agent. What Matt and Dean never disclosed was the agent is a representative of a BROKER whichever name is on the sign or letter head.
Agents get paid the commission. But the BROKER has the final say when the realty firm's name is used. factor in the Seller, they know these things when an agent is involved.
Your earnest money is protected by the paragraphs in the contract. you should be able to get it back if agreement is not reached it x amount of days.
the deposit is toward actual purchase of the property.
the earnest money deposit should be fully refundable if purchase price is not agreed to and in effect., or paid, in a given time frame. Then the earnest money is applied to the purchase price. and so the agent and broker's submitted offer to seller should state.
If not, get another agent.
U cannot use Matt's letter to an agent who is not an investor as well.
Those who have not invested are just working for THE BROKER.
i met one doing recepitionist work at a title co, beacuse of the market she said.
Told her the broker and attorney that i am one of the next real estate millionaires.
If u have the earnst money. Its protected. sounds tho, you need the end buyer willing and committed to act in a certain time frame.
They exist. Otherwise DG wouldnt exist to the point where he was able to give back.