OfflineOn p.71-2 of "Profit From Real Eatate Right Now" Greg M of Booneville, MS describes how he used a down payment from his prospective purchaser to fix up a property he had under contract. Since he doesn't explain how this occurred I am not understanding the process.
What prospective purchaser would allow his down payment to be used at all for anything other than closing the transaction? What happened to the escrow in this case? How did he convince the prospective buyer to allow use of the down payment?
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In the book, he is referring to finding a motivated seller with the intention to assign to an end buyer. He located an end buyer, asking for his "finders fee" up front of 7,000, using 2,000 to do some repairs and he keeps his portion, which is $5,000. At closing, the end buyers purchases the property from the owner and everyone ends up in a win, win situation.
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