Sorry guys, one other EMD question.

With buyers rarely having checkbooks on them when making offers, we asked our attorney if we can write "EMD to be turned in X number of days after satisfactory inspection". He said this is fine and compliant. The way I understood it from him, EMD has to be deposited within 2 days of offer acceptance, if it's being stated in the p/a that we have the EMD. If we put the clause in stating we will collect X number of days after inspection, there shouldn't be any issues with the state. (MI)

Do you guys have any thoughts, or feedback on this issue? Thanks everyone!

In Minnesota, earnest money must be deposited in trust account 3 business days upon final acceptance. This can be modified only if it is in writing and signed by both parties.

My experience is that most real Buyers DO have checkbooks.

In Vermont, there is no real requirement that there be any Earnest Money or Good Faith Deposit at all. It just happens to be the mechanism that has developed to demonstrate that the Buyer is somewhat serious.

I've processed Offers through to Closing WITHOUT the Buyer ever having any money on the table. It all depends on how comfortable the Seller is with taking is property off the market while the Buyer has nothing at risk. Different Markets tolerate this: A Buyers Market may find it acceptable; while a Sellers Market would find it totally unacceptable.

I've also had plenty of Good Faith Deposits bounce . . . . so the mere presence of a check isn't such a confidence builder anymore.

The fact the the Buyer's Attorney said that your proposal "is fine" does not mean it will be acceptable to any Seller. And in making Offers, it's the Seller who you're trying to impress, and from whom you will wish to obtain a Signature accepting your terms..

Our Rules have recently been modified to read that the Deposit Money MUST be deposited into a Broker's Escrow Account within 5 Days of the final signatures on the Contract. So we no longer have to run around chasing deposit money for Offers, when only one out of ten actually becomes a Contract anyway. This has simplified matters considerable.

For the OP, why not have your Inspection first, and write your Offer later? Then no one is taking a risk except you.