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Updated about 11 years ago on . Most recent reply

Luis Plaza's profile image
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Luis Plaza
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Luis Plaza
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Luis Plaza
  • West Haven, CT
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Wholesaling

Ernest money deposit

Luis Plaza
  • West Haven, CT
Posted
Hello BP friends... A quick question: Do we always need a earnest money deposit "EMD" in a wholesale transaction? Thanks!
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James Wise
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James Wise's profile image
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James Wise
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  • from Cleveland Dayton Cincinnati Toledo Columbus & Akron, OH
  • Member since Jun 13, 2013
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James Wise#4 All Forums Contributor
  • Real Estate Broker
  • Cleveland Dayton Cincinnati Toledo Columbus & Akron, OH
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James Wise#4 All Forums Contributor
  • Real Estate Broker
  • Cleveland Dayton Cincinnati Toledo Columbus & Akron, OH
Replied

If you know you have a buyer for the property lined up you shouldn't even worry about putting up an EMD.

If you don't know you can move the property and are afraid to loose said EMD then you have no business putting it under contract.

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