How much will be reasonable for earnest money on REO ?

Posted on: Thu, 11/11/2010 - 18:29

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How much will be reasonable for earnest money on REO ?

Hi all,

I am trying to make an offer to REO property. The agent I am using says it would be 10% or more to be looked as serious buyer.

I was more likely thinking about $5000 or $10K at the most. Anybody can share your experience ? I will appreciat it.

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by ksreiting
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Posted on: Thu, 11/11/2010 - 18:55 #1

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need help getting started

Hi All
Open for suggestions - 2 yrs ago I had an 800 credit score and $65K in the bank - my father took ill and I moved in to care for him 24/7. Now the $ is gone with my credit. Need to start over. Have done 3 rehabs and flipped my on house. What is the quickest was to rebuild. Father passed 10-20-10, now have time. Would love to have the coach program but don't know the cost. Would need to flip to get the money. Thanks in advance for help and suggestions.

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