Re: TELL ME ABOUT YOUR 1ST TIME - Posted by JPiper
Posted by JPiper on March 07, 2000 at 19:30:47:
$5K in earnest money is pretty hefty. What price level is the house?
I have used this amount and higher…it’s funny how the quantity of earnest money at times influences how seriously an offer is taken. I normally use a high earnest money when my offer is terrible (meaning very low).
The way I do it is to agree to put the earnest money up after I have completed my inspection and removed my inspection contingency. This brief period should give you ample time to wholesale…and then allow the new buyer to put the earnest money up for you.
All in all though, the main thought is that you should be pursuing motivated sellers…motivated sellers don’t typically make requirements such as these.