All Forum Posts by: Ryan Barber

@Kevin Sobilo From networking and asking around I have found out that the Broker has a personal relationship with the buyer. Buyers should not be able to go and put in an offer without any skin in the game in my opinion. Otherwise they could put in multiple offers/bids on several homes and back out of any contract offer that they agreed upon entering in the first place. 

@Kevin Sobilo Honestly I could care less about making a buck off of the earnest money. I feel like its my duty not to allow this to continue and to teach a lesson to the buyers broker or the buyer. Currently my agent has offered to take $1500 off of their commissions cause they feel at fault. I do not want this to happen in any way and would rather hold the buyer and the buyers broker be accountable. I appreciate your feedback though Kevin!

So recently I purchased a home to flip and for the most part everything went fairly smooth. We originally posted the home for sale on 10/15/21 and had an offer for full price the first day. The buyer agreed to pay full price putting down $100k and financing the rest and they are paying closing costs with $2,000 earnest money. Seemed good so we accepted. I have a signed contract and now we start to move toward getting inspections scheduled but my realtor still hadn't seen the earnest money being deposited. The buyer has five business days to deposit per our contract. On 10/20/21 I get a call from my agent saying that the buyer has ghosted their realtor & broker and they never received the earnest money. Do I have any recourse to go after our $2,000 earnest money per our contract?  Any help would be appreciated. 

Thanks in advance!

Ryan Barber

Investment Info:

Single-family residence fix & flip investment.

Purchased this property on 9/21/21 and remodeled the entire home. Everything from new granite, floors, doors etc. Property went up on the market on 10/20/21.

What made you interested in investing in this type of deal?

The numbers made sense.

How did you find this deal and how did you negotiate it?

A friend that knows what I like to do reached out.

How did you finance this deal?

Cash

How did you add value to the deal?

Remodeled the entire home.

Investment Info:

Single-family residence fix & flip investment.

Purchased this property on 9/21/21 and had the entire interior painted, granite counter tops in the kitchen, laundry room and bathrooms, resurfaced the hardwood floors that were being hidden under the carpet. Ceilings have been sprayed along with ship lap in the basement, living room and master bath. New carpet and walls in the basement along with new floors in the kitchen, laundry room, bathrooms and the foyer. Installed all new doors and baseboards and trim. Went with black, gray and white tones and carried the black out on the front which really made the property pop! Property went up on the market on 10/20/21.

What made you interested in investing in this type of deal?

The numbers made sense.

How did you find this deal and how did you negotiate it?

A friend that knows what I like to do reached out.

How did you finance this deal?

Cash

How did you add value to the deal?

Remodeled the entire home.

Investment Info:

Office Space commercial investment investment.

Commercial Office space rented to a Life Insurance company