Hello, its been 4 yrs since I started. Obsticles keep comming up. What am I doing wrong? This is what I want to do. 25:1 on MLS. I cant cause my agent says I need 1000 dollars from my own pocket to go in escrow. I dont have a 1000 dollars. I thought what I learned here was that I didnt need to use my own money. I just dont see that at all. Especially here in Austin tx, houses are being sold very fast. My agent whom Im am working with text me if I knew anyone that needed their house sold cause he has nothing on the mls.
Im also reading 30 days to real estate cash, AGAIN, this does not help me cause I still need to come up with the 1000 dollars to put in escrow when doing 25:1 in the mls. NOPE!!! the clause where I put in the agreement contract "escrow amount will be deposited with in 7 days AFTER accepting of offer" Does not work here in Austin Tx!! WHy? cause my agent told me once the offer is accepted, right then and there, in the state of TEXAS, the escrow amount MUST(MANDATORY) to be deposited in the bank. Period! I guess thats there way of eliminating the compitition for new broke investors.
I had this idea. What if I can ask the cash buyer to cover the escrow amount? Will this work? IF anyone who knows about Texas real estate law or something, please give me ideas? Or any one doing deals in Austin give me hints? I understand your time is valuable. But this will help me. In return, if the idea, hint and or little help I get helps me move foward, if you are here in Austin, I will either one or up to 2 of the following. Rake leaves on a house yard. Paint a room. pass out flyers, hang bandit signs, or Ill buy you a lunch or a dinner of your choice. Of course, you would have the supplies provided. Im not even sure if this is going to help but its worth a try. Thanks for reading this.
Escrow
Posted on: Wed, 05/15/2013 - 20:30
Escrow
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Hi - one way to get around this is to work with motivated FSBO properties, not MLS. That way you have more flexibility to put down a very small earnest money deposit. Then your cash buyer's deposit will reimburse you.
The other idea of asking for the cash buyer to cover the deposit is possible but trickier, because you don't have the property under contract yet.
Agreed that the market is heating up, and what worked a year ago may not work anymore.
Keep us posted and good luck!
- Tom
Thanks Tom, I was afraid of that, the part that it may worked last year, but now it may not. I try the fsbo. I need to refresh on how to do that. Thanks -Julian