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Updated over 14 years ago, 06/04/2010

User Stats

7
Posts
0
Votes
Kinsley Clecidor
  • Real Estate Investor
  • Lakeland , FL
0
Votes |
7
Posts

understanding assignment of contracts with escrow deposits

Kinsley Clecidor
  • Real Estate Investor
  • Lakeland , FL
Posted

hi, bp family

i've been part of this site for a few months now. slowly but surely my knowledge has tremendously come to handling my first few deals. i'm working getting them under contract to assign to an end buyer. the sellers other investors and are pretty motivated to go along with that option. but its come to the point where some are asking me to assign with an escrow of $1000 to $5k. the problem is i have no funds to do so, so that puts me in a tight spot with cash being asked. i assumed that most deals like this normally ask for an earnest money from $10.00 to at the most a few hundred dollars. also not to mention some are even asking for proof of funds letters from my end buyers, and i'm not to sure on how to ask the buyer that if their paying with cash or a private lender.......... please advise me on what kind of direction to take in these cases

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