Wholesalers, do you collect deposit right away?

[Mike Nelson]

When wholesaling an REO for example, when you find an end buyer that wants the property, I have been told not to sign anything until you "feel the money". In other words, dont sign until I have a deposit in escrow. Is this typically how it works? I would think most buyers would feel awkward signing a contract and handing over a deposit without the sellers signature. Our standard Florida state contract gives the buyer 3 days to make the deposit, or the contract is void. Obviously this is all negotiable, but what seems to be the standard?

[Sabrina Kane]

 $2000 non refundable deposit to lock in my deals 💵 Wire or cashier check. No personal or Business Check (some will bounce like ball) 

Payable to my title company only.

Credit back at closing $2000

If there is a title issue you can get a refund. Buyer remorse NO REFUND!