We have come to a bit of a crossroads. We have a deal wherin sellers contract expires(he will not renew) 10/10 however buyer cannot close until one week after.
Our relationship with buyer is new however was referred by a certified closer. Buyer lives out of state and has not put down any EMD. Would you buy the property and hold for a week or let the deal die?
All other interested parties have either not come up with the funds to close or passed on the deal. Property is a 3-unit occupied rental in C-D neighborhood and we are not necessarily interested in holding this one. P/P $45k
No earnest money? i wouldn't even accept the contract if they aren't willing to at least do that. I would walk away from this without hesitation. Why are you putting any faith in this individual?
@Nathan G. thanks man, for the input. Two things I hear from you. 1. Not to put too much stock in a referal and 2. EMD is 100% necessary?
Hey @Jason D. point taken my friend. Skin in the game is key🔑🔑
Earnest money is completely refundable. I know investors that put in offers on properties they haven't even seen and they include $100,000 earnest money. Why? It tells the Seller they're serious but the Buyer also knows they can walk away from the deal during the inspection phase for 1,000 different reasons.
If your buyer can't even do that, he's not serious.