avoiding earnest money?

I would suggest possibly doing that. Now if you're working with a real estate agent they usually will not allow it. But if you're working on your own every contract says something about earnest money. So if you can edit the document just simply say that the earnest money will be deposited at closing.If it is a permanent document like the state approved form then you just simply cross it out and hand write what you need to say.

within 24-48hrs after offer is accepted

use copy of EM check

Hey there,

I scan a copy of the EM check when my agent writes the offer. I invest remotely so all I do if I have an accepted offer is overnight the check to her. Easy peasy!

Good luck,
Angie Novigrod

Another way to avoid putting up the earnest yourself is to use your cash/investor/buyers money. Here is how we do it. MLS offers through an agent.
1. Make the offer and include a COPY of the earnest money. Also include your Proof of Fund letter. This shows the seller you are serious and makes for a strong offer.
2. When the offer is accepted you usually have 24 to 48 hours to submit an actual earnest money check.
3. Sell the deal to one of you cash buyers and use his earnest money to cover yours. No money out of pocket.

Like the coach stated above, If you are dealing directly with the seller, you can make your earnest $1.00 or due at closing.
When you are offering through an agent in this up market(multiple offers/Highest and best)you have to make a strong offer to be taken seriously in most cases. Trying to submit an offer with a bunch of contingencies and earnest money stipulations may cause instant rejection.

Michael

Hey Michael I w/blocked on dg.com accidentally n finally they put me back after a yr n finally bugging enough n guess w/i got my 1st deal just recently mo n half ago n wrkng on the next one fyi.

I'm placing a deal together with a Fannie May property in my area, I have an agent and she is Extremely Easy no matter how little I know.
Home FMV on total view is 220k the listing price is 185k and I will be putting in an offer starting at 130k and move it to a cash buyer for 135k making 5k. I need some help knowing if these steps I have taken are in the right things to do. I will do what ever it takes.

Step 1:I have lots of bandit signs of cash buyers I look to place newspaper ads and CL . I need more buyers...

Step 2: I started the 25 to 1 Over 3 weeks ago and out of the 25 I found 17 that are As Is,vacant, fixer upper. My agent and I went out to the better areas and walked in on 7 of the 17 and found 3 now Im ready for Step 3.

Step 3: Now that I found these 3 that need some work & just so happens to be Fannie May Property's. I went to my agent and Said "lets put in verbal offers" Wow, I did not say the right thing there. She let me know the earnest money and proof of funds is needed at the point the offer is made. I went to my bank and got a check and will be making it out to an escrow company. at this point I have researched a way to wright in on the earnest money line of the contract " Earnest Money to Be paid at time of Mutual experience"

I would like to ask for any and all wisdom in how I may make the best of my 1st time 100% wholesale deal. My goal is to have a Cash Buyers come in when any of my many deals gets excepted.

How much time do I have to find a buyer to step in once the offer is excepted? 24- 48 hrs with out my earnest money being cashed in. Are their contingency s to not have my check cashed but instead have my cash buyers check cashed instead in more time then 24 to 48 hrs??

Thank You
Jaiman Andersen

Hope this helped someone out there

You got me... What in the world does "at time of mutual experience" mean? I am scratching my head and trying to figure out how anyone will go with that.

Karen