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Updated almost 9 years ago,
Non Refundable Deposit Question
We buy a lot of homes from wholesalers. Whenever we agree to buy a home we always close on it very fast. Recently one our new wholesalers brought me a deal to buy and this person is making about $5,000 assignment profit. He is asking for $1,500 as a non refundable deposit.
We normally never have to put down any money or if we do it always sits with the closing attorney until closed and funded. I am curious if anyone else who buys from wholesalers is asked to put down non refundable money? My concerns is that most wholesalers in general are a little sketchy so if the title comes back not clear or for some reason out of our control the deal dies, how are we guaranteed to get our deposit money back?
- Curt Davis