On a listed property, if I can’t close the deal with my buyer or my own private money is there a way to get out of the deal and get my deposit back? Or am I screwed out of my deposit? :banghead
Hi,
When ever I am doing an end around with a listed property maybe putting a buyer I either have already in it or looking through my buyers list I give myself more time in contingencies and hope that I tie the buyer up (Contract) and set up transitional funding (Approval Letter) before I have to remove contingencies.
Generally I try to get 2 to 3 weeks in one or two contingencies and of course some states allow a loan contingency all the way through escrow. Also try to keep your earnest money as low as possible, I have put as little as $10 dollars in with an increase of earnest money when contingencies are removed!
Everything is negotiable?
GR
Well the whole objective of wholesaling real estate is to keep it risk free. You should not be giving the seller more than 10 BUCKS to get the paperwork signed. I have never had an objection to this.
This keeps your risk low. If the deal does not close, then you are out of ten bucks.
Are you asking to get your 10 bucks back? lol
How much did you give them? :shocked