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6 posts by 4 users
Hello Everyone,
I was just wondering do I need any up front cash to wholesale any property?If a lawyer, real estate agent etc get involved with a transaction, will I need to pay them up front or do they get paid when the deal closes?
Thanks in advance
A real estate agent gets paid when the deal closes. An attorney will probably want at least a portion up front. You will need an earnest money deposit to bind the contract, how much you need will vary.
:cool:
Hi Rich! I was wondering, how common is it that the seller (assuming it isn't a bank) will actually ask for earnest money? Thanks!
Joseph,
The FSBO's that i've dealt with will go along with what you put in your contract, I put $100.00 in my contracts to be held in escrow by the title company of my choice. I personally will not give the earnest money to the seller. It's just my opinion but I feel that truly motivated sellers should have no problem with a 3rd party holding the earnest money.
I have heard of Realtors asking for $500.00 - $1000 earnest money and righfully so....to many flakes in this world to tie up thousands of dollars for $10.00 earnest money. That's just my experience here in OR.
Thanks Jeff! That's actually a great idea. Just recycle the same hundred bucks over and over again. I'll have to try it out.
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