OfflineHi DG fam, I have an REO question...if I want to get an REO under contract, do I need earnest money AND proof of funds if I'm buying through my LLC?
Thanks
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Posted on: Thu, 06/24/2010 - 20:43
This will depend on the lender and the contract that you are using. Most lenders when they agree to a contract a pre-approval or proof of funds in a cash offer are required with the offer. Especially when buying through an LLC. They want to ensure that you are able to follow through with the purchase or in this case the LLC is able to.
Earnest money will be required by the lender in most cases - this is a point of negotiation. You can try and negotiate a position in the deal that earnest money will be deposited after all contingencies have been exhausted. The lender will understand that your earnest money is not at risk until that period in the contract.
I hope that this information helps!
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