Updated over 2 years ago on . Most recent reply
EMD & Assigning Contract
I am starting to get very nervous that I do not have a cash buyer and enough money to put up for my EMD. The last buyer I spoke to said he was not willing to put up an EMD so I'm not sure if that is going to be a problem with other people I market to which makes me nervous.
Most Popular Reply
Buyers have to put up an EMD. If you have a property under contract that you are looking to assign/wholesale to an end buyer/cash buyer and they refuse to put up an EMD then don't do business with them. Move on to another buyer. Don't waste valuable time on them. Any legit cash buyer that knows how to do this business knows that an EMD/Good Faith Deposit is mandatory. If they refuse to put up an EMD then there's a huge chance that they won't even show up to the closing table anyway or complete the transaction. If they didn't put anything into the deal like EMD then they have nothing to lose if they back out. That's the whole point of getting that "Good Faith Deposit" or EMD. So yeah, my advice to you would be to just find another buyer. One that understands how business is done. Hope this helps :)