How do you handle "good faith deposits" to hold a property

Question

Have a single family property I'm looking to purchase - it already has a tenant and good cash flow; the realtor is not investor friendly and is demanding a $1000 good faith deposit, which I do not have - I'm working on getting a private lender. How do I handle this if the agent won't present the offer without a "good faith" or "earnest money" deposit?

James Wise · Answer

Is this your agent or the listing agent?

Not being able to come up with $1,000 speaks to your ability to actually purchase the property. You seem like a long shot at best.

If I am the listing agent I am advising my client not to tie up the property for an offer that has a low chance at going through.

How do you handle "good faith deposits" to hold a property

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