OfflinePA Law requires hand money be put down for a purchase agreement.
When I told a Realtor, not MY Realtor, that I would be willing to accept a banks offer IF they would accept my term of not having the hand money due until closing, the Realtor just said
"It is law in Pa that you do not have a sales agreement for a home without hand money."
I know that... but I wanted the money due at closing.. I'm not saying there WON'T be any hand money.. just stating when it will be due... Can I do this?
Knowledge is Power
- Pimpedoutgeese
__________________
Allow your fear to gently pass. Then genuinely ask yourself,
“What needs to be done?”
I believe the consideration even under PA real estate law is "the promise to pay" not the actual money. Realtors have misconstrued this concept. If they want hard money (not hand money), then give them $10 or $100. When they tell you that you need more money as consideration, ask them to show you that rule under the law. If they won't make the offer to their client, pull the same bull**** they use and tell them you are going to report them to the state board as they aren't following their duty as a fiduciary to their client.
People, real estate agents do not rule the investment world. If they knew what they were doing, do you think they would be spending 100% of their time as a real estate agent. You can make more on one deal than they can in a year. Don't be so timid, but learn about the rules and laws in your state. Deal with strength in knowledge, not weakness in ignorance.
Always Looking to Acquire Houses | Always Looking to Amaze Investors
requiring a specific amount as the down payment. In the last last 6 REOs we bought 4 required 2K, 1 required 1K, & 1 required 5K upon acceptance. This had
nothing to do with the realtor, it was the decision of the asset manger of the bank.
Mr.Bill
How much do you charge for your coaching services. It's always Quick,brief, and very accurate.
http://kendrickpropertymanagement.com/
http://rochesterapartmentrentals.com/?page_id=10
Jim , well put ! Not always brief but concise . Without the sales hype .
Bill again good points and comments .
Michael Radtke
www.nationalpropertyscout.com
Slide Show:
www.nationalpropertyscout.com/Slide-Show.html
and as far as earnest money goes, yes, you do have to give an earnest money deposit, but, you don't have to give it upfront in the form of a check, or cash, or whatnot...unless of course you're dealing with REO's, now those are different than FSBO's. Also, you have to come up with your own creative way of delaying any earnest money deposits that may be required for a property,i.e. promissory note, or wording it in your contract that you're to pay all earnest monies at time of closing. Something to that effect should get you through uncertainties.
Have fun!
Bryant Slade