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Updated over 13 years ago on . Most recent reply

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Dave Smih
  • Beverly Hills, CA
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wholesaling an REO Bank Counter offer addedum??

Dave Smih
  • Beverly Hills, CA
Posted

I am trying to wholesale a bank owned property and this addendum has me confused ?
does this mean I cannot make more of an assignment fee than my earnest deposit? if that's the case I could only make $500 because that's all my earnest was. I need help on this any insight would be great. Thanks

The Buyer shall not be allowed, under any circumstance, to receive funds from the closing that exceed the amount of
the earnest money plus prepaid deposits paid by the Buyer. In the event that the proposed HUD reflects proceeds to
the Buyer in excess of the earnest money and prepaid deposits, the closing cost credit by Seller shall be reduced so
that the Buyer receives an amount exactly equal to the earnest money amount, plus prepaid deposits by the Buyer

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