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Investing Strategies

Wholesaler Essentials: Protecting Your Earnest Money If Your Buyer Bails

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moneyHey Moguls, Steph Davis here…

Buyers bail. It happens.

My first piece of advice is... suck it up. And my second is… back that deal up. What I mean by that is always, always (did I mention “always”) protect your earnest money.

3 Strategies to Help You Prepare for the Worst

I get it, I really do…

You’re hesitant to make an offer and to put up deposits only to have your end buyer back out. I used to be nervous about getting bit in the butt too, but there are actually 3 simple solutions to protecting your earnest money – whether you’re dealing with a bank-owned property or a private seller.

  1. Never allow your end buyer to include contingencies in your offer... never.
  2. Always get earnest money deposits ($2,000 is my magic number, and I typically put down $1,000 when dealing with bank-owned properties).
  3. Choose to NOT put earnest money down.

Huh?

It may be happy hour somewhere,…


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