An Introduction to Buyers Lists, pt. 12

How to Take the Wholesaling Deposit

When it looks like you have worked out a deal with a buyer, they need some way to send you the money for the deposit. But the wholesaling business is not like eBay or some other Internet business – they are not going to simply Paypal you the money. Most likely this is the first time you have worked with the buyer, they have never met you before and have no reason to trust you, and they have no proof that the title of the property in question is undisputed.

But, at the same time, you need the deposit. So one of your best options is going to the escrow service that the buyer is likely to use for the entire transaction and having them make the deposit there. In fact, most likely setting up that escrow service will help give you some extra rapport with the buyer.

After you become more of  known wholesaler in that area and your name becomes more recognized, there is a good chance that you will be able to convince buyers to give you the deposit in hand in the future, and you can forgo the escrow process. But until that day, using escrow is a safe and easy way to complete the transaction – especially if you are new to the wholesaling world.

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