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Updated over 13 years ago on . Most recent reply

Ethan S.'s profile image
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Ethan S.
  • Real Estate Investor
  • from Friendship Heights, Maryland
  • Member since Jul 15, 2011
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Ethan S.
  • Real Estate Investor
  • from Friendship Heights, Maryland
  • Member since Jul 15, 2011
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Ethan S.
  • Real Estate Investor
  • Friendship Heights, MD
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Wholesaling

10% EMD with Fannie Properties? workarounds...

Ethan S.
  • Real Estate Investor
  • Friendship Heights, MD
Posted

I'm seeing 10% EMD required for cash offers on REO. Thoughts? Properties in my area can be pricey. REO flippers, what strategies do you guys use to get around this?

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Jon Holdman#3 Real Estate Deal Analysis & Advice Contributor
  • Rental Property Investor
  • Mercer Island, WA
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Jon Holdman#3 Real Estate Deal Analysis & Advice Contributor
  • Rental Property Investor
  • Mercer Island, WA
ModeratorReplied

Hard money is NOT cash. Its a loan. Write your offer saying its financed. The EM is typically less. Usually $1000-1500 around here on sub $100K houses.

Be aware that if you pass your contingency deadlines and don't close the bank WILL keep your EM.

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