Virtual Wholesaling and Hand Money... Question on the "How-to"

[Jerry Kisasonak]

I've done some wholesaling and have done it face to face. When signing the contract I just hand the seller the handmoney. (I use $1) In my state, and I think this is true in all states, you need to put up consideration in order for the contract to be valid and binding. My question is, how do I handle this when I'm not not meeting with the seller in person because I'm virtually wholesaling?

I suppose I could mail it, but that would give the seller a few days to get out... saying... "Well, I didn't have the hand money and I changed my mine and decided to sell to someone else." (Which would be legally allowed) Or they could back out weeks down the road by resorting to the excuse, "I never received it." Should I put in the contract: "Buyer to deliver hand money via mail within 72 hours." Or put in there that the "hand money will be held in escrow by the closing company when ratified contract is received and escrow opened." Unperplex me please!

[Jerry Puckett]

I some times put this in my contract, making the contract itself earnest money...: