When dealing with a bank do they always want a despoit? Can I sign agreement with a option to buy and sell the contract to another investor. Could someone tell how it works when messing with banks PLs
Howdy Father_Time:
Banks have gotten harder to deal with. They want an earnest money deposit of at least $500 and do not want to let you assign the contract. They have learned the hard way by having property under contract and the buyers not knowing how to sell them and ending up wasting time and money. Now days they want to make sure the buyer can in fact close and want proof of funds or a lender to write a pre-qualified letter for the buyer. I am sure there are exceptions to the above in different markets across the country.
LOL