Earnest Money - Posted by Greg

Posted by Shenesa on December 05, 2000 at 14:19:26:

Stop giving away information. Once an agent hears what you do, not all, they automatically see someone who wants to tie up property and therefore delay a payday for them. You can also put in the contract that you are willing to give the ernest deposit, which is to be held at your title company, therefore giving you more control. I would also suggest you to do your search on title companies that are familiar with double closing/creative deals and are willing to hold your check uncashed, until closing.

Much Success!

Earnest Money - Posted by Greg

Posted by Greg on December 05, 2000 at 13:06:49:

realtors…It is their way or the highway in these parts.

This morning I called another realtor asking about a house. She told me that there was an offer on it but that there was no earnest money yet, meaning the check hadn’t cleared, so I should go ahead a make an offer, cause the first one with the money gets it presented.

My problem is that I don’t have no earnest money! I tried last week to get a realtor to take another offer to a seller but she said it was office policy not to go to the trouble if I was not serious enough to put up $500.00

Maybe this is why I have not had any offers accepted when I wrote those offers stating that the earnest money check was not to be cashed until close… ya right.

I have told realtors that I am an investor and if I put that much money down on all my offers it would cut to far into my cash flow. Don’t matter it seems

Needless to say she did not want to talk to me after I told her what I intended.

Any thoughts or ideas will be appreciated


Re: Earnest Money - Posted by Brent_IL

Posted by Brent_IL on December 05, 2000 at 14:30:56:

This is one reason I like going in with my own agent. Not a contracted buyer’s agent, just a regular sub-agent.

When another experienced agent calls to set up the appointment, the listing agent assumes that his or her time is not being wasted, and that you have been pre-screened.

Now you need to convince the agent bringing you to the meeting that your approach is valid, simple to implement, and will provide the money for commissions and closing costs so they can get paid.

Fortunately, you can take the time to prepare and practice your presentation to your agent, which explains and defends your offer, without the pressure of fast paced negotiation. When you present your offer to the sellers and their Realtor, she can back you up if she understands what?s going on.