Earnest money going hard on Day 1??
I was talking to an established syndicator today about the market for large multi-family properties today and he said that its become standard practice in todays market for earnest money to go hard on Day 1 after a PSA is signed.
The inspection period or financing period where you should be able to walk and get your earnest money back if something is wrong with the property or you discover the seller is cooking the books doesn't really hold any weight anymore. Furthermore he said that there are some sellers out there that put up properties knowing this is an issue just to try to sucker people out of earnest money.
Has anyone else encountered this in todays market? This seems crazy and stupid and it makes me wonder why anyone would agree to this?
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