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Updated over 5 years ago on . Most recent reply

User Stats

89
Posts
25
Votes
Lawson Ott
  • Investor
  • Connersville, IN
25
Votes |
89
Posts

escrow?

Lawson Ott
  • Investor
  • Connersville, IN
Posted

tiny village in ohio:

seller wants 20k. told him can't do that much, afraid market won't bring it. would be  much lower. but i still put some feelers out and suggested 35k price. someone messaged me saying they want it for 20k cash. i don't have any contracts in place yet. 

thinking maybe these guys might know each other since this is a small area and they might be trying to toy with me. 

but if the buyer is legit, i want him to put the $20k in escrow until i can do a double closing. 

if all goes good, i might need transactional funding but those fees... that's a big chunk of the money.

i just don't want to be stuck owning the property if these guys are playing me.

what would you seasoned folks do in this situation?

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