I did some home improvement work for some small-time landlords, and now they want to sell half their portfolio off-market.
To avoid other wholesalers, I think I just need to require a certain EMD? A company wholesaler in my state says "Earnest Money is required within one business day of signing the Assignment Contract, with a minimum EMD of $5,000 per property. Higher EMD amounts are encouraged. Kindly indicate the exact EMD amount you will be submitting when making an offer."
Any experiences?
Also, do you recommend avoiding realtors? I've had a few request info.
How to avoid other wholesalers/realtors when wholesaling a house?
byu/tooniceofguy99 inrealestateinvesting
Posted by tooniceofguy99
1 Comment
That EMD requirement is smart but might not be enough on its own – plenty of wholesalers can throw around 5k these days. I’d also ask for proof of funds upfront and maybe set a shorter inspection period to weed out the tire kickers
About realtors, depends if there bringing actual buyers or just fishing for listings, most of the time they’re just trying to get you to list with them instead