option money payment : personal check? - Posted by todd

Posted by Tadms-VA on June 20, 2000 at 19:51:03:


It has been my experience, if you are asking for a 3%-5% option consideration, get a cashiers check, money order, certified funds, or cash. I am pretty sure that everyone else will agree with me. Once they have paid all of the funds. THEN you can except a personal check when they are paying rent.

P.S. If this is the first time. Get everything up front! Just my .02 cents

Happy Investing!


option money payment : personal check? - Posted by todd

Posted by todd on June 20, 2000 at 18:29:43:

when closing my deal, should I demand a Cashiers check for the entire thing? or just for the option money and take a regular check for 1st months rent…? whats the best way to handle this?

It depends!! - Posted by Mark (SDCA)

Posted by Mark (SDCA) on June 21, 2000 at 10:36:29:

How soon do they want to move in?? If you have a week, then take a personal check. It is more convenient for the T/B.
But the other posters are right if say, they call on Friday evening and want to move in that weekend.


Certifiable funds only - Posted by Monique

Posted by Monique on June 21, 2000 at 08:57:22:

Ditto to previous posts on getting a money order, cashier’s check, or cash upfront. The reason is that if their check is bad and you have given them the key, they now have POSSESSION of your property. You would have to go through the eviction process to get them out and you would have $0 in hand from them.


Re: option money payment : personal check? - Posted by ronnie

Posted by ronnie on June 20, 2000 at 20:17:33:

I agree with the other post. DO NOT ACCEPT A PERSONAL CHECK FOR THE FIRST TIME. Use Cashier’s check, money order, cash etc. Then use personal checks.

By the way, go rent “Pacific Heights” and you’ll understand why.

Happy Investing!