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All Forum Posts by: Vivana Hernanes

Vivana Hernanes has started 1 posts and replied 2 times.

Post: First Pending Deal. No EMD?

Vivana HernanesPosted
  • Posts 2
  • Votes 0
Originally posted by @Chris Mason:
Originally posted by @Vivana Hernanes:

Hello, I currently have a pending contract on a property. The real estate agent said I have to put in a EMD (Earnest Money Deposit) which is 1k. I tried borrowing yet no avail. This is my first time wholesaling and from what I have read, if I already have a buyer then I can use their deposit for the property? Am I wrong here? Please correct me.

If there's a Realtor involved and it's on the MLS, then you aren't wholesaling it. You are merely practicing real estate without a license, which is a crime in most jurisdictions, I don't care what a $10k guru course told you.

If you want to get paid for doing nothing more than finding a property on the MLS and bringing a buyer, go get your real estate agent license. It takes an IQ of 65 and not being a violent felon. That's it. I know, because I passed the 3:15 test in 47 minutes, first one done out of 50-odd people in the room, in Oakland.

 I'm planning on getting my real estate license for sure! My main goal before 2020 already taking course. But that doesnt answer my question.  Please be polite or gloss over my topic.

Post: First Pending Deal. No EMD?

Vivana HernanesPosted
  • Posts 2
  • Votes 0

Hello, I currently have a pending contract on a property. The real estate agent said I have to put in a EMD (Earnest Money Deposit) which is 1k. I tried borrowing yet no avail. This is my first time wholesaling and from what I have read, if I already have a buyer then I can use their deposit for the property? Am I wrong here? Please correct me.