OfflineHi my name earl and going to flip my first REO i have realator on my team who understands my stratagy and i also have a one day money source who fund the oroof of funds and the dough to close the deal i also have title company who does double closing. I have at least two cash buyer who buy consistently from me. i going to use the 25:1 stratagy is there any advice to make this better transaction i am little nervous because i don't have earnest money to put up any suggestion. Humble servant please enlight.
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You need to get your buyers cough up the EMD for those properties. Write in the contract that EMD will be due at the end of the inspection period, this way your buyer can decide whether the property fits their criteria. If it doesn't then they don't have to go thru the headache of getting their EMD back from the listing agents' broker's escrow. Makes sense.
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Another sugestion may be to get the lowest earnest deposit that you can. Say $100 or $250 if possible. If that does not work see if you can borrow the deposit from a friend or family member and offer them interest for the time their money is tied up in the deal. You don't know if you don't ask and the seller may surprise you with what they may accept. Good luck with this potential deal. Believe and Achieve!
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