Posted by Bob-Tx on February 28, 1999 at 21:56:09:
The title company will deal with the earnest money…you will get it back.
I generally set my asking price on the house. As an investor who buys flips as well as selling them I can tell you I do not choose to play he said/she said when it comes to evaluating flips. Decide what you need on the deal and set your asking price. Your buyer may take it at that price or offer whatever he feels is right.
I have a couple of guys that I have sold lots to and trust to come into the deal even before I make an offer to the seller and tell me what they will pay. Then I deduct whatever I want to make on the deal and write up the offer.
Key thing is to not get greedy. Remember what your position is in the overall picture…you found it and negotiated a buy but you have no risk. DON’T GET GREEDY!! I have had deals sit and get stale because I was asking too much…really tough to go back to your investors with hat in hand and lower the price.