A real-estate agent explains how to lock in buyers: require a large non-refundable earnest-money deposit of $5,000 to $20,000 and eliminate the inspection period. The buyer's money stays with the agent if they back out, making the transaction simple and profitable.
So you know how when we sign the contract with the seller, I just say $100 earnest money deposit and we have an inspection period? You guys don't realize is these buyers want these deals so bad, like they're looking for these, right? You're bringing them something very valuable that we can charge anywhere between $5,000 and $20,000 or even more of a nonrefundable earnest money deposit that locks that buyer into the deal where they back out like they don't have an inspection period. If they back out, we get to keep that $5,000 to $20,000 nonrefundable EMD. Us, not the seller. Us. Me.
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