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Lance Mundo
  • Investor
  • Newnan, GA
8
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Non-refundable earnest money deposit

Lance Mundo
  • Investor
  • Newnan, GA
Posted

Working with a HML requiring a non-refundable earnest money deposit…

What due diligence do you perform before sending that deposit to minimize risk?

For me so far: my own research for rents, comps and rehab budget

What am I missing that you would add in this preliminary analysis?

  • Lance Mundo
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    Jay Hinrichs
    #1 All Forums Contributor
    • Real Estate Consultant
    • Summerlin, NV
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    Jay Hinrichs
    #1 All Forums Contributor
    • Real Estate Consultant
    • Summerlin, NV
    Replied
    Quote from @Lance Mundo:

    Sorry about the typo. I meant to type wholesaler instead of HML.


    I personally wont give a wholesaler a non refundable deposit.. if the deal cant close for some reason they will normally ghost you.. this is probably new western or one of those outfits.. who rely on FOMO high pressure to get the deposits up front and released like that.
    business profile image
    JLH Capital Partners

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