Earnest Money through Pay Pal or Walmart

[Deangelo Mack]

Hey BP folks. Now this to me has scam all over it. Ive been trying to wholesale since this whole covid-19 thing started. A lot of these sellers are asking for earnest money or some form of a negotiable down payment. Which is fine by the way, but they are asking me to wire it through cashless app before any purchase and sale agreement. Ive explained the whole process of buying a home, and when they would get their earnest money. But they want money now or no agreement. Am I missing something here? or am I right?

Thanks

[Andrew B.]

The sellers would be stupid to let you go under contract without a deposit. However, you wouldn't send it to them through paypal, it should be held by title company or in a trust account of some type.