OfflineI have gotten a property under contract but the agent says I need to have the earnest money in by tomorrow so the company has it within 48hrs of the initial offer acceptance. I don't have the earnest money and i dont think i will be able to lock it up under contract if the company doesn't have it. I would have 7 days where the money is refundable but that's it. How can i prevent this from happening again.?
Thanks a bunch for everything.
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Have a buyer or private money person in place in advance and use their money. I have actually taken a cash advance from a credit card to cover my earnest. Be ready in advance!
Michael
Knowledge is power, but execution trumps knowledge. Tony Robbins
http://www.mdhomeacquisitions.com Seller site
http://www.mdhomeacquisitionsbargainhouses.com Buyer site
http://www.mdhomeacquisitionshousehunter.com Bird Dog Site
http://www.mdlodeals.com Tenant/Buyer site
Thank you.
I just read a post discussing earnest money and one of the answers was to get the money from an private money person or a buyer. My question is what if you have a little money, how much should I or you would guesstimate to be the average to put up.
The average for earnest money is $1000.00 to $2,000.00 per offer. Bring check or cash with you when you make the offer. You can get this from a private lender but make sure you have that with you.
" Not Having a goal is more feared than not reaching one"
Christa Niven