$100 deposit on wholesale deal
on a wholesale deal the initial $100.00 deposit given by wholesaler/investor on the contract -- is this a formality or does the $100 exchange hands? if so....
a. Who holds the deposit?
b. How is it reflected this on the closing statement? Would the wholesaler be getting a credit from the end buyer for this?
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Steve Vaughan
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Steve Vaughan#1 Personal Finance Contributor
#1 Personal Finance Contributor
- Rental Property Investor
- East Wenatchee, WA
The last $100 deposit I gave was for a child's bicycle.
Are you sure they won't settle for ten bucks? LOL
Either way, an intermediary holds these monies. A title co is preferred or closing attorney if that is customary in your area.