Ok looks like Another dead end I've ran into again , The Agent I'm with e-mailed me today telling me that I'll need to come up with $630K As A Deposit to lock up My First deal , Now I'm not sure if this sounds right cause In Deans Book He never says you need money to Lock up A Assignment Deal Or at least from what I thought all you needed to do was Lock up the property by Signing papers w/ The Seller & Buyer & the Buyer goes to the closing & buys your Contract out & you receive A fee , He claims its For The Escow Company , But I've talked to A few Escow Companys & visited A Few Websites & none that I know of ask for A Large sum of Money like $630K , I've seen At least Fees that are $100 to $200 Or $300 But Never $630K just to start Or Open A Escow Account with A Company , & I'm not sure if its Because The Home is A Million Home , But I found the $630K just to Lock up A property & open A Escrow Account to be A little Fishy .
So I'm on here to ask My DG Family Is it Normal for A RE Agent to Ask you for $630K just to Lock up A Property & For Them to open up A Escrow Account in your Name , Is this Normal or does this sound like A Scam ?
cause I'm like I don't Have The Money NO Lender Will give me Anything My Credit is BAD! I don't Even think A Hard Money Lender Or A Private Money Lender would accept Or give me anything hell I don't even have a dime in my bank account so i'm like how the hell could i get $630K from ..........LOL
please let me knoe what you think , & I'm like I should ask him Why? can't the seller put up $630K to help me out since I'm helping them sell their home ...lol