Earnest Money

[Fred Mittel]

Is it customary for a real estate agent to require 10% down on a cash deal? And then ask for $100 Document Holding Fee?

[Troy W.]

@Fred Mittel when you working with agents on the MLS they hear "Cash offers" offers all the time, so the proff will be made as for your EMD. Its almost like going to an auction. Those with money are bidding and those that don't have it will watch the process.

I would suggest finding properties off the MLS, when just starting out and you will not have to worry about such large EMDs. The largest EMD I have given to the a seller ( rather my title co.) is 1k, and the smallest amount is $0.

Don't give up...and when you are thinking about it. Always remember why you wanted to get started!