What is the average down payment you need to put down with a seller to get a house under contract in order to wholesale it? Not sure if it matters what area you are in but I’m focusing on NYC particularly Queens and the Bronx.
In my area its $100.00 for earnest money for a FSBO type transcation. If I am doing a Realtor contract it is usually $500 and $500 after inspection depending on the transcation.
$500 is average for NC and $1000 for IL (Chicago). These are on realtor contracts…
You can always increase the amounts to sweeten the deal or show strong interest if there are competing bids.
On contract, $10, but we end up paying nothing out
of pocket, 99% of the time…
Im new to wholesaling and live in the bronx, maybe we can help each other. Personal email me.
$10
Unless money is no object to you, your earnest deposit should be little if any. Projected sellers you have talked to should be motivated so to sell, if you’ve done your homework and built a repore with the seller one dollar should be sufficant.
depends on what mood I’m in and how motivated the seller is :cool.
for a privately held property I pay between $10-$100
for bank held $100 to $1000
I agree as little as possible. My real estate agent has a blank check of mine that he fills in whatever the listing says. He makes a copy and faxes the copy to the selling agent. If the offer is accepted we go in and give them a cashier’s check for $500 (no matter what the amount on the original check is). This is to lock the house down for inspections. If we chose not to buy the house we get the money back. If we choose to buy the house they never give the money back, it goes into the deal. That is why I make the check as small as possible.