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Updated over 4 years ago on . Most recent reply

Charles Graham's profile image
Charles Graham's profile image
Charles Graham
  • Flipper/Rehabber
  • from Norton, MA
  • Member since Jun 4, 2019
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Charles Graham's profile image
Charles Graham's profile image
Charles Graham
  • Flipper/Rehabber
  • from Norton, MA
  • Member since Jun 4, 2019
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Charles Graham
  • Flipper/Rehabber
  • Norton, MA
4
Votes |
23
Posts
Wholesaling

Earnest money deposit

Charles Graham
  • Flipper/Rehabber
  • Norton, MA
Posted

If I put a offer on a off market property and the seller accepted the offer, and we sign purchase and sales right on the spot. Do I give the seller the earnest money right there?

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Moira Baggett's profile image
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Moira Baggett
  • Member since Sep 23, 2020
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Moira Baggett's profile image
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Moira Baggett
  • Member since Sep 23, 2020
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Moira Baggett
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Moira Baggett
Replied

No, please don't do that.  You could lose that money over a dispute with the seller.  Have a 3rd party, like a lawyer, hold the earnest money deposit.

  • Moira Baggett
    • 1 Vote
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