Will this alwase happen?

I’m in the process of my first wholesale deal, just put down a grand for earnest money. In the future, will I have to put earnest money if there is no Realtor?

In most states, the contract is bound with “consideration” (money). In a lot of states this can be any amount of money…there used to be a regular poster here that claimed in the past to have used a penny that he found in the seat cushion of his truck to bind the deal…

So, basically, the anser is “yes” but it may not have to be $1K…


:cool now i do not want the realtops who are on this fourm >>> andi know there are some here!! I do not want you to get all upset >>> but when a realtor is in the mix there will all ways be fees that are in the high area if you are past the showing and pretty home then it will cost 500.00 to who knows >>> keith is right it is not allways going to be 1 k it could be more

BUT realtors are a part of life you have to love it !!!

To clarify a point: consideration does not have to be in the form of money. It can be money and usually is - but it does not have to be money. Consideration can be a promise to do a thing, money, other valuable assets, or a promise not to do a thing. Generally, you can make an offer without consideration -though most sellers will expect something.

Consideration is required to form a contact. In other words, something of value to the other party has to be given to form a contract. It used to be that a person would attempt to form a contract thusly, “for a dollar and other valuable consideration”. Since the “other valuable consideration” was not named as to what it exactly was, most courts found that a contract was never formed (no real consideration was given - it would have been better to just leave it a “for a dollar”).

Whether or not a Realtor is involved is really beside the point. More to the point is what the seller is willing to accept as some proof that you are serious about the purchase.