Earnest money dilemma

[Ollisha Jones]

I went to do a bid for a deal , cash deal, and the realtor ask for ernest funds to secure deal ...how can I go around ernest money without ruining my chances of defaulting on deal??? Help??

[Joel Owens]

If a listing broker is representing the seller they are not going to let you tie up a property with no money down.

Think about this because if they have 3 buyers. They go with you with no money down for earnest money. You tie up the property for 30 days and can't find and end buyer or assign and the contract terminates. The other buyers have moved on to more properties.

Was the seller damaged? Yes they were as they lost time and buyers in the goal of selling their property. This is especially important when a market is shifting positively or negatively or if the seller is doing a 1031 exchange with time requirements.

So unless this listing broker isn't very smart you don't have a chance with the seller. They could go under contract with you but insert a "right to continue marketing clause" where they can bump you out at any time.

No legal advice