Promissory Note in Escrow as Ernest Monies?

[Hernan M]

Hi!

I'm new to the board! Looks like a great place with great tips!

I have a question... I have several friends who, here in MIA, are using promissory notes as an escrow deposit?? With so many foreclosures here, there are many deals... It's overwelming actually.. Trying to get the best deal often involes making multiple offers, to see wich ones stick.. This could tie up capital in a hurry.. So, promissory notes?

Have any of you guys have used them? If so, wich ones? Wich wording would be best to protect myself? :beer: