OfflineHi I am a investor in New York. Just so you know there are no earnest money requirements here. However upon signing the bank's contracts you are usually required to put down 5% of the purchase price. That is risky. What if you cannot find a buyer for the deal? I have been told not to sign any contracts without having a buyer and have the buyer put up the downpayment. My response is easier said then done. I dont like risk and there is always the possibility that you cannot find a buyer in time for the deal, which would cause me to lose my downpayment. All I can say is ouch! Anybody have any suggestions?
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If you don't want to take risk (down payment $) build your Buyer's list first and foremost before submitting any offers. Find out what type of properties meet your buyer's criteria then go out and find those properties. Put in your contract the following stipulations: Subject to Partners Approval, Subject to Buyers satisfaction with Full Home Inspection. These clauses will cover your buyer from loosing their deposit unless otherwise stated in NY Purchase and Sales Agreement Contract that you're real estate agent uses. Advise you getting a Real Estate firm to handle your closings for you. God Bless in your REI endeavors.
"I will NOT BE BROKE! ANYMORE!"
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