EARNEST MONEY OR DEPOSIT

Bird Dogs, Wholesaling
1

Is there a standard minimum amount of earnest money? When do you need to give to the seller? I heard from other wholesalers that they only issue a $500 personal check, gave it to the seller during the purchase contract signing to be cashed at the escrow. is this possible? what are the options if you dont have the money for the earnest money? Others say, $10 cash is okay.

appreciate any comments and suggestions. thanks!

2

The amount depends on the seller and the deal. The better the deal the more I will give, if I have to.

I never give money to sellers prior to close! Good luck getting it back if something goes wrong.

My standard deposit is $100 and it goes to MY title company. I’ve given more for really good deals. I’ve never given a deposit to a seller though.