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Earnest Money for REOs and Short Sales?

Posted on: Thu, 12/15/2011 - 04:52
Earnest Money for REOs and Short Sales?

Seen many investors go with Zero and even 1 dollar deposit on their offers on bank properties, REOs and Short Sales.

Does this hurt your chances? And what are the members here putting down, and how are they financing it if it is more than the above amounts.?

Thnx

Gil

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Posted on: Thu, 12/15/2011 - 21:10 #1
Hi Gil, I know of very few

Hi Gil,

I know of very few REO's or short sales that will accept an amount under $1,000 for EMD. Typically they'll require even more in the form of a cashier's check once the offer is accepted.

Your best bet for low EMD's is motivated FSBO properties.

- Tom


Posted on: Mon, 12/19/2011 - 17:36 #2
I ll let you know how it

I ll let you know how it goes. I know of many investors out here doing just that.
I am to duplicate their efforts. I ll keep you posted.

G