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Updated over 1 year ago,
Negotiating earnest money deposit
I am looking at doing my first wholesaling deal I understand the process for the most part but have a few things that put me in a bit of a paralysis. I see wholesaling gurus say you can put anywhere from $100-$250 as the earnest money deposit, so my question is with earnest money typically being at minimum 1% of the price you get it under contract for, how can I negotiate the earnest money deposit with the seller to get it down to a $200 deposit?
And I ask because I do not have the capital to put 1% of the price down for the deposit and to be completely honest I'm afraid to try to put a property under contract if I don't have the earnest money deposit to send to the title company.
-TIA to any tips, info and/or advice given on this.