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Large deposits
6 posts by 3 users
Terry R.
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I know this is discussed frequently, however, I have a great multi unit wholesale that the owner wants at least 1000 deposit down on. If i can keep my exit claues, why not put a large deposit down, and exit if i need to? |
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Jason C.Real Estate InvestorKaty, Texas 
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If you have to, then do it. Specially for multi-units. Make sure however that you are sending the check to the escrow company and not giving it to them directly. They should be ok with that. If you have a buyer immediately, you can then have them send in the check if you play your cards right. |
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Andrew M.Real Estate CoachTampa, Florida 
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Never give any money at all to a seller, even if your contract says it's refundable. And, to take it one step further, work with a title company that won't actually require you to put down earnest money, eventhough your contract says it's been extended. All my contracts have either $500 or $1000 deposits. I have never put one down to this day... |
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Terry R.
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What clause do you have and or have used to cancel? I have "buyer has right to conduct all due dilligence necessary during contract period" |
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Andrew M.Real Estate CoachTampa, Florida
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Your inspection period is your out-clause. Something like, "Sale and transfer of title is contingent on said property passing final inspection." |
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Terry R.
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Andrew, thats what I use my due diligence clause as, although I've never had to use it.
Edited: 10/16/2008 at 10:43AM by Terry R. |
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Posted: 10/06/2008 at 12:31PM