How can not put a earnest money deposit when putting a property under contract to wholesale.
If you are putting a contract on a house listed with a realtor, then you need to put earnest money. IF you are contracting directly from the seller, then it is up to you.
For a contract to be legally binding you have to put down some earnest money to show consideration. A verbal agreement and just writing a contract won’t cut it, an earnest money could be between $10- $1000.
I usually give the seller $1 for consideration money and anybody who is giving 1k for consideration money is nuts! It just makes it legally binding and the amount doesn not matter…