Seasoned investor looking for advice
I have been a serious investor for about 2.5 years now. Closed on 8 deals (49 doors) mostly multi-family. In all this time I've never been faced wth the following situation and wanted some extra opinions on the matter.
Im about to put an offer on 2 commericial properties. One is a 20 unit and the other is a 12 unit. (Same seller) The seller is requesting WITH the submitted offer that the buyer wires 10% of the offer amount to the seller's attorney to hold while the negotiations takes place. Then if an agreement is made and offer accepted, the 10% goes toward the earnest money. There is a contract that details if the offer is not accepted or if the buyer decides not to purchase during the feasibility period that the money is refunded. In all my history of investing, I've never had a seller make a request like this. Have anyone dealt with a situation like this before? Is it common in some areas. The seller and attorney are in Florida, but the properties are in Texas.