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Forums » Creative Real Estate Financing » Multiple offers and one earnest check

Multiple offers and one earnest check Subscribe to Multiple offers and one earnest check

4 posts by 4 users

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Starr Ilzhoefer

Real Estate Investor · Charlotte, North Carolina


Forum_avatar_avatar-silzhoef

Dec 11 '09, 08:05 AM

Hello:

I am writing offers on multiple properties and am using one earnest money check.

My question is to whom do I make the earnest money check out to? (closing attorney?)

Thanks

Edited: 06/26/2010 at 10:49AM


Steve Babiak

Real Estate Investor · Audubon, Pennsylvania


Forum_avatar_avatar-stevebabiak

Dec 11 '09, 09:47 AM

Just some random thoughts...

Each ACCEPTED offer will need to get a real deposit.

If these are from the MLS, sometimes the listing broker gets the deposit check; your buyer's agent should advise you to whom it should be addressed.

For the purposes of accompanying a FAX or email offer, just leave it blank so that you can fill it in as needed when an offer is accepted.

Edited: 06/26/2010 at 10:49AM


J Scott

Real Estate Investor · Atlanta, Georgia


Forum_avatar_avatar-jasonscott

Donor Pro

Dec 11 '09, 11:01 AM

Assuming these are REOs, just make the check out to the listing agent's brokerage...

Personally, I keep one check in my scanner, and each time I make an offer, I scan the check and fill in the copy. I then include that copy with my offer. I have used the same check for probably 100 offers at this point.

If/when an offer is accepted, the listing agent will likely require certified funds, and the initial check will be ignored.

Unless your agent is unwilling to handle things this way (e.g., they ask for an actual separate check for each transaction), this is the easiest way to handle it, and saves you from going through 10 checks a day... :)

Edited: 06/26/2010 at 10:49AM

J Scott, Lish Properties, LLC
Telephone: 770-906-6358
Website: http://www.123flip.com
http://www.123flip.com


Robert Mack

Real Estate Investor · Bergen County, New Jersey


Forum_avatar_avatar-robmack

Dec 11 '09, 01:44 PM

I am with J on this. With my offers on REO's, I include a scanned check which is the same amount for each offer and I have been writing it out to any title agency. I think the banks and agents are more interested and concerned about my POF letter then who the earnest money is made out to.

Once the offer is accepted I wire the funds so the initial check is ignored and isn't used. Just be sure you can close on your deals if after inspection they are still money makers. You don't want to be known for making blanket offers and then backing out of them.

Edited: 06/26/2010 at 10:49AM




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