REO buy

[Aaron Cheatham]

Hello .

Im looking at a reo property I got off the mls. I have a flash cash lender who sent me a approved funds letter. The realtor is asking for a hand written check for 1k in order to submit the offer. Is there any way around the 1k handwritten check ? I have people interested I want to lick up the property before I send them buy. the gash cash under is costal funds

[Will Barnard]

Originally posted by RobTheHouseGuy1:

Quite honestly, Being an REO, they probably wont be ready to close for 60 days. You should be fine.

I disagree. my main source of properties comes from REO's and I have closed in as little as 7 days. Don't expect to have 60+ days "because it is an REO" that could get you in trouble.

As for the OG poster, if you don't have $1k cash for an EMD, you are probably going after this biz the wrong way. REO purchases require you to have some cash (at least the EMD) and often a POF (proof of funds). Many banks/agents will not accept flash cash POF letters, they will require a bank statement (but not always).