just got my first contract signed!

5 Replies

Hello just got my first contract signed been learning about wholesaling for the past 5 or 6 months but i am lil confused & still in disbelief i got my first deal lol but the question is when should i pay the earnest money deposit i read somewhere that i should have the buyer pay it to show that they are serious but i don't have a buyer lined up well i got a couple but not sure with them so should i just go ahead & pay the earnest money deposit ?

@Lonell Slaughter ,

You should be paying the earnest money immediately upon signing the contract. If you don’t, it’s not legally executed.

The amount of the earnest money is written into the contract. Mine is pretty low.

As soon as I have a signed contract, I engage my title company, pay the the earnest money, and have them start the title work.

@Lonell Slaughter

Congratulations on your first contract! I’m working on getting mine myself. From what I’ve learned you definitely want to take that contract to the title company as soon as it’s signed to make it “legit”.

If you don’t mind me ask you how much went in to getting your first contract i.e. amount of direct mail or cold calls.

Congrats again and good luck on closing it!