MLS Wholesaling Question

[Trevor Finn]

Do you use the agent's contract or your own when making offers to put a house under contract for a wholesale deal?

Also, is there a rule of thumb for Earnest Money Deposit amount? Can you use proof of funds letter instead?

Does the buyer agent get paid out of assignment fee or does a double close have to take place instead then they get paid commission?

Thanks!

[Guy Gimenez]

If you're attempting to assign a contract (specifically, in Texas), make sure you understand that unless seller specifically releases you from any contractual obligation upon an assignment, you're still on the hook if the assignee fails to perform. Many new investors forget this and lose their earnest money, if any is tendered per the contract.