Residential Real Estate Broker · East Orange, NJ · Member since 2014 · 297 posts · 26 votes
9y
Usually investors ask from an amount that they feel will have the buyer vested in the deal. In other words an amount that would make it hard for the investor to woke away from the deal. That could be one or two percent of the purchase or more. Investors will tie up your deal if they are not vested.
Residential Real Estate Broker · East Orange, NJ · Member since 2014 · 297 posts · 26 votes
9y
Usually investors ask from an amount that they feel will have the buyer vested in the deal. In other words an amount that would make it hard for the investor to woke away from the deal. That could be one or two percent of the purchase or more. Investors will tie up your deal if they are not vested.
Yeah, 1-2% is fair, but as mentioned previously, as the seller you can ask for whatever amount that you feel comfortable with so the buyer doesn't have the urge to just walk away from the deal without having anything to lose. Keep in mind though, the higher the EMD requirement, you may end up having buyers pass on the deal, so just make sure the amount is fair to both sides. Here in IL you can have the buyer or sellers attorney hold it, or you can have the title company hold it. NEVER give it directly to an individual or you may get burned. Hope this helps.
1% of the asking price is not too bad, but honestly, I've done all my deals with no EMD. So ask for a minimum of 1k. They must be submitted to the closing title company or attorney's office no later than 48hrs after signing. Everything goes to the title company or attorney's office.
1% of the asking price is not too bad, but honestly, I've done all my deals with no EMD. So ask for a minimum of 1k. They must be submitted to the closing title company or attorney's office no later than 48hrs after signing. Everything goes to the title company or attorney's office.
You dont ask your end buyers to put up earnest money? Is it because you have personal relationships with them?
How much should I ask for from a potential buyer? (I heard that 1% - 2% of the purchase price is ideal).
Where does the earnest money go, when all is said and done?
I usually ask for a flat amount. Somewhere between $3,000 - $5,000 is pretty standard. The point is to ask for an amount that will keep your buyer from flaking and deciding not to close. Most investors arent willing to walk away from 3K-5K
Investor · Member since 2022 · 26 posts · 13 votes
3y
Hi there
I am an experienced investor where I JV with Wholesalers across the US providing funds for EMD and double closing. Happy to connect to see if I can help. I have funds and resources to help close deals. The long and short is that if you're a wholesaler and need help with your earnest money deposit, I can help you! I can provide short term funding solution for your EMD! The process is simple, we work directly with you, and your title company, send the EMD to the title company. When you find a buyer, we get our loan back plus our fee at closing. We can also provide double close funding up to 500k.
Happy to connect to discuss further if you have any questions.
I am an experienced investor where I JV with Wholesalers across the US providing funds for EMD and double closing. Happy to connect to see if I can help. I have funds and resources to help close deals. The long and short is that if you're a wholesaler and need help with your earnest money deposit, I can help you! I can provide short term funding solution for your EMD! The process is simple, we work directly with you, and your title company, send the EMD to the title company. When you find a buyer, we get our loan back plus our fee at closing. We can also provide double close funding up to 500k.
Happy to connect to discuss further if you have any questions.
Hey Michael i would love to connect with you do you help out in Miami as well?
I am an experienced investor where I JV with Wholesalers across the US providing funds for EMD and double closing. Happy to connect to see if I can help. I have funds and resources to help close deals. The long and short is that if you're a wholesaler and need help with your earnest money deposit, I can help you! I can provide short term funding solution for your EMD! The process is simple, we work directly with you, and your title company, send the EMD to the title company. When you find a buyer, we get our loan back plus our fee at closing. We can also provide double close funding up to 500k.
Happy to connect to discuss further if you have any questions.
Hey Michael i would love to connect with you do you help out in Miami as well?
Hi Ansab...yes I can. Provide funds for EmD and double closing in Florida. Send me a message and would be happy to connect to see how I can help.