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Updated over 6 years ago,
Where to get earnest money ASAP?
I am in the process of working towards getting a potential deal under contract. The only thing holding me back right now is coming up with earnest money deposit right now. I was able to find someone to lend me the money for the earnest money deposit. The problem with the lender is the lender is requiring a lot more information about the house than necessary in order for me to get the earnest money. The lender said I need MLS comps that are within 1/4 mile away from the subject property.
The lender said all comps must be within 6 months old and I also need active, pending and sold comps.
It should also show how many days on market they are. All I need is money to cover earnest money deposit to get this deal under contract. I did not realize it would be this complicated just to get earnest money. The lender is asking for all this information like they are going to provide funding for me to purchase the house to fix and flip. If they keep stalling the money by requiring more and more and more and more information about the house, I could end up losing my chance at getting the home under contract right this minute.