When assigning a contract and you want to make this a no money out of pocket transaction you can make a special agreement or additional terms in your contract that will allow you to deposit your earnest money at a later date.
"Earnest money to be deposited within 5 banking days after acceptance of contract with the title company."
This will gve you additional time to assign the deal to your end buyer and have them deposit the earnest money. I hope that this helps!
__________________
If you would like the chance to work with me or one of my fellow real estate investor coaches and our advanced training programs, give us a call anytime to see if Dean's Real Estate Success Academy and our customized curriculum is a fit for you. Call us at 1-877-219-1474 ext. 125
When doing contract assignments directly with unlisted, motivated homeowners you can have an earnest money deposit of as little as $10. No agents or lenders involved. This is the best strategy for contract assignments. Get an agent, seller and a lender involved and add some contingency concerning the requested earnest money and your offer won't be taken seriously. Much less getting an assignable contract in the first place!
If you are supposedly paying cash, why can't you put up earnest now? This is what the agent, bank or seller will think. Guess what, they know your strategy.
Which offer is more likely to be accepted?
One with earnest money contingencies or an offer made with proof of funds and a copy of the requested earnest money check?
Once again, contract assignment works best when dealing directly with the unlisted, motivated homeowner. $10 earnest money!
Michael Mangham
MD Home Acquisitions LLC
__________________
Knowledge is power, but execution trumps knowledge. Tony Robbins
1. borrow it from a friend or credit card
2. sell or pawn something
3. as salden mentioned above
be creative and think...you'll come up w/something if its a good deal and you want it bad enough
Offline
When assigning a contract and you want to make this a no money out of pocket transaction you can make a special agreement or additional terms in your contract that will allow you to deposit your earnest money at a later date.
"Earnest money to be deposited within 5 banking days after acceptance of contract with the title company."
This will gve you additional time to assign the deal to your end buyer and have them deposit the earnest money. I hope that this helps!
If you would like the chance to work with me or one of my fellow real estate investor coaches and our advanced training programs, give us a call anytime to see if Dean's Real Estate Success Academy and our customized curriculum is a fit for you. Call us at 1-877-219-1474 ext. 125
When doing contract assignments directly with unlisted, motivated homeowners you can have an earnest money deposit of as little as $10. No agents or lenders involved. This is the best strategy for contract assignments. Get an agent, seller and a lender involved and add some contingency concerning the requested earnest money and your offer won't be taken seriously. Much less getting an assignable contract in the first place!
If you are supposedly paying cash, why can't you put up earnest now? This is what the agent, bank or seller will think. Guess what, they know your strategy.
Which offer is more likely to be accepted?
One with earnest money contingencies or an offer made with proof of funds and a copy of the requested earnest money check?
Once again, contract assignment works best when dealing directly with the unlisted, motivated homeowner. $10 earnest money!
Michael Mangham
MD Home Acquisitions LLC
Knowledge is power, but execution trumps knowledge. Tony Robbins
http://www.mdhomeacquisitions.com Seller site
http://www.mdhomeacquisitionsbargainhouses.com Buyer site
http://www.mdhomeacquisitionshousehunter.com Bird Dog Site
http://www.mdlodeals.com Tenant/Buyer site
1. borrow it from a friend or credit card
2. sell or pawn something
3. as salden mentioned above
be creative and think...you'll come up w/something if its a good deal and you want it bad enough
Mike
https://tvallc.isrefer.com/go/RehabLite/renvestr/ Free tools