OfflineThis might be a dumb question but am i supposed to come up with earnest money if im trying to lock up a contract to re-assign? What happend to no money down? I am worried about this because i dont have any money but i have about 3 or 4 investors and a property that i am trying to lock up. what do i do here because there is no gaurentee that any of the investors i have will want the property and if they dont i still would like to market it to someone else. How do you get around having the earnest money if you are just locking up the property to re assign?
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The only dumb question is the one you don't ask!
You will need at least $1 in earnest money to lock up a deal once your offer is accepted. REO's (banks) will typically want a minimum of $500 to $1000. But for anyone who lists their property on the MLS or does a FSBO, you should try to get away with $1 or the least amount possible. This is all apart of your offer, so you won't ever be surprised with what you have to come up with for EM.
Once your offer is accepted you have 14 days to back out if you cant find an end buyer (with the contingency clause you need to put in your agreement to purchase, such as a 14 day inspection period).
As for getting around having to pay EM, I don't think that's possible. But you can always think outside the box! Such as partner up with someone who has it, and just split the profits with them if they can provide the EM for you. Think a little bit different!
Dominic
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