BiggerPockets

You pay it, then have your buyer pay it back to you. If you're dealing directly with an individual, it should be small. If its a bank on a REO, its going to be large, and they're not going to accept your offer without it.

Yes, but it might take a few days/weeks. You also may have to pay a fee to get it out. Read the fine print. I try to word my offer with EM shall be paid in full within three days of an accepted offer. I give my agent the check and let her hold it and send a copy or a picutre if they want.

The contingencies usually have time limits, too. If the time limit passes without you notifying the seller and the sellers agent you can't do the deal, the contingency will no longer be returnable based on that contingency.

Also, you want to be sure your contract says "liquidated damages". and not "specific performance". Liquidated damages means the earnest money is the most you can lose. Specific performance gives the seller the right to sue you for more money if you don't close the deal..

The best way is to look for a no-money down deals by finding Buyers First. It's easier to look for properties for a Buyer than look for a Buyer for a property.

Dedicated to your financial success,
Trace Trajano

Thanks everyone for all of the great answers! I'm sure I would be lost if it weren't for you all.