Dealing with Closing and negotiations

[Andrew Pettit]

Good evening everyone,

         I just want to clarify, when you are negotiating the price on the property, the earnest money can be refunded if I don't decided to go through with the deal? When can't it be refunded after that first week? 

[Brandon Battle]

Andrew Pettit , it depends on the length of the Escrow and contingency period you agree to with the seller.In the state of California during a 30 day Escrow for example,you have 17 days for an inspection period to walk away from the deal without a financial penalty .However,to be competitive in obtaining investment properties against seasoned investors with cash,you would have to offer a very short contingency period like 3 to 5 days to convince the sellers to sell it to you.Many professional investors with access to all cash are actually willing to buy the property with zero contingencies and accept the risk of a bad physical inspection just to win the deal.