OfflineI'm not even sure if what I'm about to mention is doable or even legal since this is all new territory for me, however someone suggested to me that I ask it here, so any input would be greatly appreciated 
Me being my paranoid self, I'm highly worried about earnest money and possibly ruining my agent's (when I finally manage to get one -.-) reputation.
Is it all possible when wholesaling to put in an offer on a house and to put in the contract that the earnest money will be paid upon closing? (Would earnest money be even required in this case?) In exchange, the sellers are allowed to keep the house on the market and if I close on the house before a certain date, then the contract remains valid and the sale goes through. However, if I don't close by that certain date or they manage to sell their house before that date, then the contract is considered null and void.
The reason I'm wondering about this is because I'm thinking it may be a win/win for everyone. It wouldn't hurt my agent's reputation if I can't find a buyer in time, I don't have to be worried about putting up earnest money, and the seller's time isn't wasted.
Am I reaching here? Or is this possible? I would appreciate any answers
In Christ alone, I place my trust.
You can negotiate many many things with your sellers. Just make sure to include them in your contract.
I often use a flex option contract for my sellers we have both my self and the sellers with the option of finding buyers for the property. Its basically who ever brings in one first. As far as EM I don't give more than a dollar to my sellers. But with my buyers I ask for 500 to 1k down to be deposited at the title company before I consider our contract valid.
Now if its a bank owned property its a completely different story.
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There are no laws one way or the other when it comes to earnest money. It is not even required, it is requested because it basically provides a commitment from you to the seller. I have purchased without ever putting e money down. My agent and the listing agent were upset but I didn't care.
That's one of the wonderful things about real estate is you can ask or add anything to a contract that you wish.
You could try putting in the contract that the e money will be paid after inspection, then before the inspection period is up find your buyer and have them put up a 1000 non refundable deposit and use that for your e money if you need to.
You will likely have agents fight you on this kind of thing because it's not traditional but once you close on a few deals with your agent they will fight the battles for you.
Thank you so much for both of your answers! I really appreciate it. I'm definitely much less worried about the whole process now. Thank you!
@investorinmissouri - Would you be able to show me the flex option contract you use? If so, I would be immensely grateful.
Thank you again investorinmissouri and markl
In Christ alone, I place my trust.
to make a contract binding there has to be $ exchanged- any amount, even $1.
Now, when the money is exchanged, that can be anytime up to closing date.
As you say, it can be a win/win, but by the same token, if you don't have a binding contract, you don't really have the property under contract...
Learning and progressing every day,
Valerie
Valerie
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I have a partner from my REI Club putting up $500 EM for me in turn for a 50% ROI. They put up the EM to lock up the property and I pay them $750 when I get my assignment fee from my buyer.
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When you say thank you, you are telling the world that you want more. Say thank you every day! It will bring joy, and it will bring so much more.
www.virtue-investments.com
... I have the same background, am at the same stage, and having lost my home twice now due to major life upheavals and no timely sale, I would be really hesitant to potentially put a desperate seller in the same position. However, I also now realize that I only had RE agents who were doing little or nothing for me --- that it wasn't "just the market" --- and that there would have been other more proactive methods of selling if I had understood more about the whole process. Not a wierd idea/question; thanks for bringing it up, and thanks for everyone's perspectives on it.
@ Valuni - Great point! Thank you, I didn't realize that. I'll have to keep that in mind.
@ lanemccaw - I really like that idea
Thank you for sharing!
@ investorinmissouri - Thank you so much for the email
@ jade_east - I'm glad you found this thread useful
I'm sure you're going to be highly successful in RE 
In Christ alone, I place my trust.