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Updated over 6 years ago,
Wholesaling REI and Earnest Money
I am in the final stages of writing my contract for my wholesale deal (I meet with the sellers to sign tomorrow) and I just want to make sure this is 100% without a doubt right.
So, I have it written in my contract that the EMD will be credited to the escrow account at my title company FOLLOWING the 20 day inspection period.
When marketing my contract for assignment, can I then use the non-refundable EMD that I require from my end-buyer to then fund the EMD promised to my seller following the inspection period? Does this effectively buy me time to fund the EMD at no cost out of pocket?