All Forum Posts by: Lekisha Cole

@Lekisha Cole

It will be smart to put in everyone of your contracts that the deal is "Contingent on inspection" and "contingent on financing". I have had people call me out on the "contingent on financing" due to the fact that I tell sellers I pay cash and close fast. To them I usually say that I deal with a lot of deals and put as much contingencies as possible to make sure I do not over extend myself. Then I follow up with.. "but if for any reason I can't close on this deal due to a better one coming up I will pass it off to another investor in my group." If you are up front with people they usually will work with you. I did lose a deal last month due to them not liking the fact I would potentially wholesale but you can't win them all. 

As far as your original question it seems like one of your only option is to pocket shop it to an investor you trust and see if their is any interest. If their is then you can ask them to put down the 2%

@Lekisha Cole

It will be smart to put in everyone of your contracts that the deal is "Contingent on inspection" and "contingent on financing". I have had people call me out on the "contingent on financing" due to the fact that I tell sellers I pay cash and close fast. To them I usually say that I deal with a lot of deals and put as much contingencies as possible to make sure I do not over extend myself. Then I follow up with.. "but if for any reason I can't close on this deal due to a better one coming up I will pass it off to another investor in my group." If you are up front with people they usually will work with you. I did lose a deal last month due to them not liking the fact I would potentially wholesale but you can't win them all. 

As far as your original question it seems like one of your only option is to pocket shop it to an investor you trust and see if their is any interest. If their is then you can ask them to put down the 2%

Lekisha,

Is it written in your agreement that the Earnest Money Deposit is refundable if sale is void? 

Consider borrowing.

The best case there is you present the potential deal to a buyer and convince them to put the earnest money down. If it's truly a good deal, a buyer would definitely do this. Always put the earnest money with your attorney.