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Updated about 5 years ago,

User Stats

4
Posts
2
Votes
Jordan Tebbs
  • Flipper/Rehabber
  • Belgrade, MT
2
Votes |
4
Posts

3rd Party for Deposit??

Jordan Tebbs
  • Flipper/Rehabber
  • Belgrade, MT
Posted

Looking at a property for sale by owner as my first deal and waiting for approval on my financing.  Based on discussions with the financier I am confident that the loan will come through but buyer received a slightly lower offer and is tempted to move on it.  Wants a deposit to know that I am serious, as the other potential buyer has offered to put up 5k as a deposit (on a property selling for 110k).  Am more than willing to put down a deposit with a 5 day option period as I am very serious.  That being said, I don't know the seller well at all and am worried that if the loan doesn't come through for whatever reason I won't ever see my deposit again.  Is there any kind of company that will act as a third party and hold the deposit until the option period expires?

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