POF and Earnest Money

you have to have a POF always for your offers for MLS props. Use besttransactionfunding.com for your POF you can create a generic one by putting in the address field, Any residential property

then in the city field put, In the State of

and for the State just put your State & in the zip code field just put a period or 55555 & you put any dollar amount for your POF up to 10mil I think. I would put a higher amount say $387,425 for ex. I put that & when I send it to my agents I say here is my line of credit POF, ok. hope that helps.

As for earnest $, in hot markets like mine in San Diego you have to use a relatively higher amount, where are you in the country btw? I use here in SD 1k to start out with bc you wont be taken seriously if you use $500 or $250, that may work in the midwest or slower markets but not in hot markets.

so i start out with 1k & when & if they counter with higher w/they usually will-to like 5k I try & split the diff by countering with $2,500, if not & I might lose the deal over it then i just agree to the 5k.

I have my buyer pay the emd anyway, w/you have to do tho is the second you get it under contract is create a postlet or your own flyer or just put it in an email but i recommend postlet bc it posts to zillow & yahoo classifieds & you w/get buyers with that ad too.

but you send it out right away & tell your buyers they have to act quickly(you get 2 business days anyway to have the dep in, & if it happens on a fri for ex you have until Tue. so you get 4 1/2 days actually to have that in that is what just happened to my last deal)

so be quick & have buyers at least 7 of them to get your deals & you dont pay emd(earnest $ deposit) another way is write in your offers that emd w/be paid after inspection(but that prob wont work in hot markets!)

hope this helps & I would like to hear Michael Menghem's take on this too since he does the same thing & is in the hot market of denver.

I'm in Costa Mesa (Orange County) and the market is about the same here...so I'm finding. I didn't know that you get two days to submit EDM so that makes me feel a little better. I am really trying to find properties not listed with agents so that this isn't an issue, but I don't want to pass up a good opportunity just because I don't know the work around. Thank you for your advice and help!

Great Tony these tips willl help so much I am getting close to this point I am here in NY so every bit helps