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Updated over 7 years ago on . Most recent reply

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127
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Trevor S Foster
  • Gaithersburg, MD
23
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127
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How important is EMD on first offer of MLS listing on rehab home?

Trevor S Foster
  • Gaithersburg, MD
Posted

Ive been debating with one real estate agent that I work with. I'm new to real estate investing and he just got his license. 

He's been adamant about having a copy of EMD check sent with each offer.

I'm on the other side of it where I don't think it's as important with an initial offer on a fix and flip home.

What are your thoughts on this? 

Should we be sending a EMD with every single offer?

FYI he isn't saying we need to write a different check and make a copy. Just one copy of a 500-1000 check for EMD to send with a offer.

Most Popular Reply

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Lynn McGeein
  • Real Estate Agent
  • Virginia Beach, VA
1,554
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Lynn McGeein
  • Real Estate Agent
  • Virginia Beach, VA
Replied

It depends on what is customary in your state. I've seen it where promissory notes to deposit EMD within 3-5 business days are acceptable. But where I work, it states in the standard contract that "purchaser has delivered deposit to selling firm, receipt of which is acknowledged by selling firm." And buyer's agent sends a copy of the EMD check with the contract so Listing Firm knows it's been done.

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