Wholsaler EMD question
So i was out today and seen a few bandit signs so i got the numbers and called. 1st time cold calling and it was nerve wrecking at 1st but as soon as i hung up i felt like i was a kid who just got his training wheels taken off lol. but any who i called a number and didn't get an answer but he called back and i didn't answer which was a good thing bc he left a message and so i got to study his vm for when i have to leave a voicemail. So we're chatting and we exchange info and said we'll send each other properties yada yada so i get a text that says
"Okay I have you locked in now Ian. I will send a list compilation of SFR properties that are available. All I require is $1,500 EMD to be ready when submitting offers (3-Day Refundable Due Diligence). Send me deals that you have as well. Looking to close quickly."
so my question is why does he require a $1500 emd when submitting offers? does he want me to have a contract with $1500 in EMD?? im confused 😩