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QUESTION ⁉️ “I sent over a contract to a seller yesterday and they responded that they want $10,000 in earnest deposit money.
I wouldn't really feel comfortable putting down more than $500, so how should I handle this?
Should I mention that I am merely passing the deal onto a buyer, and that the buyer will supply more Earnest money?
or do I negotiate them down?
Thanks in advance.”
This is a problem directly attached to the motivation level of the seller.
You generally don't have to deal with that when wholesaling pre foreclosures as they have a bigger problem that the desire for earnest money deposits.
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Ola "Tux" Abitogun is the Creator of myEmpirePRO and author of Smart Real Estate Wholesaling. He became a FULL TIME entrepreneur in October 2006.
He is a computer engineer and an engineering management graduate from New Jersey Institute of Technology; (NJIT) class of 2004/5. He was born in Dallas Texas and raised in Nigeria by his Nigerian parents. He considers himself a proud Nigerian American.
Today, he is a marketing addict, trainer, marketing and business consultant, real estate investor and all around serial entrepreneur. Most importantly, he is husband and a father. The professional work he is mostly proud of is personally helping 1,000+ entrepreneurs around the world reach greater heights in their careers.
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