Client wants to buy apartments OWC hard $. Where does the earnest $ come from in that case?

Client wants to buy apartment building, with part seller financing, and part hard money loan until he refi's the hard money loan into a commercial loan at a cheaper interest rate. My question is how can I write the offer for him if he doesn't have a check for earnest money deposit to accompny the offer? Is there a way to plug the seller financing into the earnest money? Tell me how this is accomplished. Thank you!
In Buying Property - Asked by Mar R. - Dec 5, 2011
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Jay Z.
Broker/Agent
Phoenix, AZ

The best approach is to press the buyer to get some earnest money from his savings, from his family, from his friends. Someone buying an apartment complex can't get a hard money loan if he has no money in the world.
Otherwise you have 2 options. Don't use any earnest money. No law says that a contract must have earnest money. Or use a promissory note for the earnest money.
You can not "plug the seller financing into the earnest money". That isn't earnest money.

Dec 15, 2011
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