Updated over 13 years ago on . Most recent reply
10% EMD with Fannie Properties? workarounds...
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
#3 Real Estate Deal Analysis & Advice Contributor
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Jon Holdman#3 Real Estate Deal Analysis & Advice Contributor
#3 Real Estate Deal Analysis & Advice Contributor
- Rental Property Investor
- Mercer Island, WA
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.