Updated over 16 years ago on . Most recent reply
Earnest Money
Operating as a wholesaler and I have an end buyer can I use the end buyers money for my emd or will this be balked at by the seller?
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#3 Real Estate Deal Analysis & Advice Contributor
- Rental Property Investor
- Mercer Island, WA
Not sure Rodney was referring to bank owned properties. If that's what your trying to wholesale, I don't think you can make this work. You'll need to have the earnest money very quickly after the bank accepts your offer. So, you'd only have a day or two at the most to find a buyer and get money from them. There are other issues with wholesaling REOs. Lots of discussion on this topic, try the search function.
If you're wholesaling properties you find as a result of you own marketing, the earnest money should be minimal. $10 or maybe $100.