OfflineI negotiated a great deal on a house. I need 30 to 60 days to find a buyer and assign it off. In the meantime my seller wants a check for 10% or he wont sign my sale agreement. How do I lock up the property without forking over the deposit?
Thanks.
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Dan Wos
Home Inspector / Real Estate Investor
518-884-0675
If the seller is motivated, explain that he's not paying an RE commission, normally 6% of the sales price, so it might be in his best interest to let you find a buyer for free. As for the contract, to make it legal, the consideration usually is some kind of money, so I would try to give a $ 10 deposit. RE agents don't give money to list the property, but collect money at the sale. This is when your "salesmanship" comes into play.