First Pending Deal. No EMD?

[Vivana Hernanes]

Hello, I currently have a pending contract on a property. The real estate agent said I have to put in a EMD (Earnest Money Deposit) which is 1k. I tried borrowing yet no avail. This is my first time wholesaling and from what I have read, if I already have a buyer then I can use their deposit for the property? Am I wrong here? Please correct me.

[Chris Mason]

Originally posted by @Vivana Hernanes:

Hello, I currently have a pending contract on a property. The real estate agent said I have to put in a EMD (Earnest Money Deposit) which is 1k. I tried borrowing yet no avail. This is my first time wholesaling and from what I have read, if I already have a buyer then I can use their deposit for the property? Am I wrong here? Please correct me.

If there's a Realtor involved and it's on the MLS, then you aren't wholesaling it. You are merely practicing real estate without a license, which is a crime in most jurisdictions, I don't care what a $10k guru course told you.

If you want to get paid for doing nothing more than finding a property on the MLS and bringing a buyer, go get your real estate agent license. It takes an IQ of 65 and not being a violent felon. That's it. I know, because I passed the 3:15 test in 47 minutes, first one done out of 50-odd people in the room, in Oakland.