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25TO1

January 25th, 2013 | posted by Eric5

HI EVERYBODY ON THIS 25TO1 SYSTEM TO LAY OUT 1000 FOR
THIS REAL ESTATE AGENCY UP FRONT RIGHT NOW IS TIGHT.(DEPOSIT)
iS THERE ANY WAY THE OTHER PERSON BUYING THE PROPERTY
OR CAN THEY PICK UP THE 1000 IN THE DEAL AS PUTING IT IN THE CONTRACT SO I DONT HAVE TO LAY IT OUT.THE AGENCY SAID 10.00 OR 100. AND THEY ARE NOT GOING TO MAKE IT HAPPEN PLUS MY BUYERS LIST IS OLD.ANY IDEAS FOR NEW BUYER LEADS LIKE A TITLE COMPANIES 12 MONTH OLD CASH BUYERS FARM LIST OR SOMETHING I MIGHT BE GIVING UP ON THIS RENA OR SOMEBODY. THANKS E

On 8:20am, January 25th, 2013 Bennie said:

EMD?

Eric are you referencing to the Earnest money? Are you saying the Brokerage Firm is asking you to put $1,000 EMD for each property? If I am understanding you correctly. If that is the case when I write my offers I never submit the EMD with the offer. I generally tell the listing agent when I email the offer “My client will submit the EMD upon acceptance of the contract" keep in mind most contracts we write generally don’t get ratified. However, if it does then you have to supply the EMD requested.

Keep in mind also, the EMD is negotiable. Just because they request $1,000 EMD does not mean that you can't offer a $500 EMD. Also, I always put in the contract my closing agent or Brokerage Firm will be holding that EMD. If they refuse and it’s a good deal and property I generally will subside to their requests.

Also, you can try to make the EMD a promissory note due at closing. The draw back with this is some Realtors not to mention their Sellers won’t take your offer serious if you cannot afford to put an EMD up for a property, how will you ever come up with the money to buy the home?

Food for thought...I hope this helps some.