I've discussed this with several very experienced real estate attorneys in Texas and they've all affirmed it.As Richard stated, contract law DOES require that you put up consideration, but the courts have determined that a "promise" to pay is consideration in and of itself, and that if you are giving a promise to pay then the requirement of consideration is fulfilled.Now I've seen discussions that this is true for every state, but I have NOT discussed it with attorneys in other states and can't say for sure either way.Normally distressed sellers do not care about earnest money.

Originally posted by Richard Warren:What is your true motivation for joining NR?

there are alot of sources for marketing letters. richard roop's material is hands down THE BEST for generating leads and locating motivated sellers. there's a guy on here that has a set of motivated seller letters. will he share it for free???

When you sell or assign a contract you are not transferring the property, only the contract. 8)You know that's what my Realtor keeps pounding in my head, we don't sell property we sell paper, that's why a Realtor has a license to sell property, you don't need a license to sell a piece of paper ( contract).Your absolutely right Richard it doesn't make sense, but unfortunately it is now law in Pa., although no one is enforcing it.

Richard - I wouldn't have minded a discussion, but the user had been sending SPAM solicitations to members of the site.

I will simply quote Richard Davis, the original star of Flip this House, Owner of Trademark Properties and arguably one of the most famous flippers in the country, at the end of the one episode where he rehabbed one of his rental properties for a new tenant.

By the way Richard, I bought your book - excellent!

So, Richard, did you go to this presentation yet?

Like all other Nouveau Riche threads except the one Richard referenced, this one locked.

Thanks for the intro, Richard.