When you are selling your house to a real estate investor, earnest money can be very important. it can be something that is often overlooked by home sellers, but is important if you want to know you are dealing with a real cash buyer.
There are a lot of bad apples in this business. Many “real estate investors” will offer over $100,000 in cash for your house but then only offer to put up $500. You have to ask why. Why does this real estate investor with all of this cash need to send such a small symbol of the earnest intent to purchase your home?
Just some simple advice from an old pro. If you are selling to someone other than me (which you shouldn’t) make sure they are putting up at least 10% in earnest money. This is the number banks require when you buy a foreclosure. The reason is, they want to make sure you are serious. As a homeowner, you want to make sure the real estate investor is a serious home buyer, not just someone that went to a seminar.
In twenty years of this business, we’ve never written a contract that we didn’t see through. Our home buying process is simple. We buy your home as is, and never require repairs. Many time we are okay with a tenant occupying the home, or even if there are code violations from the city. If you have a house to sell or just need help or advice, just pick up the phone and call Tim at 214-444-7926.
For other tips on selling your home as is for cash, check out this post.