OfflineI have read the book named Profit from Real Estate Now and I really like it. It is very encouraging but there are problems with this No Money Down purchasing ideas.
The first problem is as follows
If I get a Seller to accept my Purchase Offer with the delayed Earnest Money Agreement idea. I still am going to have to have a Lawyer, Title Company or my Real Estate Agent (If I can find a good one who thinks out-of-the-box)hold the deposit from my End Buyer.No lawyer is going to do this without a Retainer Fee so therefore this isn't really going to wirk without a Lawyer unless the Title Company would do it and I would do it FREE!
If I want to do a Lease with Option to buy this would necessitate a Lawyer as well would it not? What if the Seller came down with Alzheimers or something or became insolvent?
ANY AND ALL FEEDBACK IS WELCOME. THANKS!!!! 
You may want to get professionals involved on your first deal (or maybe even future ones) so you know the language of the paperwork and how to get it in order - but if you read the assignment threads on the site many have not done that and their process is generally more straightforward.
In a nutshell, an assignment has nothing to do with you buying a house. It simply means you find a house, get it under contract for a stellar price with certain clauses allowing you to assign it and other options/escapes, then you remarket your deal - where you allow someone to option your great deal at a premium to what you have it locked up for.
Read the My Deals forum and do searches on assignments for lots of details, but you generally do not need to pay for professional services. I would agree an attorney would be prudent to review the standard offer contract you will be using for all offers to make sure it is in line with everything for your municipality, but with an existing contract (people have posted the ones they used) the right attorney probably isn't going to charge more than a couple hundred dollars for reviewing/editing it - then you can use it again and again.
I don't know a lot about it but how about looking into the use of Escrow account to hold deposits as well as earnest money!
Gina
It sounds like there is some good advice above and you can find a lot of informative information on the DG website. The most important part of the deal is how you structure it in the beginning. Any amount of earnest money is acceptable even a low amount such as $100. The earnest money is always a request and it usually can be negotiable.
The best part of a new deal is it can be a learning experience to better enable you for the next deal. I know in my local midwest area the economy is hurting everyone's business and there are always eager professionals out there such as lawyers, title companies, etc. Most will provide free consultation and you may be able to gather more information.
Also, if you contact local top brokers in your area they can point you in the direction of the most "creative" professionals whether they are lawyers, title companies, mortage brokers, etc. I hope the deal works out for you. Good luck on your current and future deals. Believe and Achieve!
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