Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
Foreclosures
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated over 15 years ago,

User Stats

41
Posts
0
Votes
Mike Cardenas
  • Real Estate Investor
  • chicago, IL
0
Votes |
41
Posts

Can I buy an reo with $0 earnest money?

Mike Cardenas
  • Real Estate Investor
  • chicago, IL
Posted

I want to invest in reo's.I lost my job 2 months ago and don't have any earnest money to put in with my offers.There are some great deals that end up passing me by.I have offered more then asking price.Also I offer to pay closing.
A friend of mine said to put in the contract that earnest money will be paid after a 10 day inspection period.This will give me time to find an end buyer and collect the earnest money from him/her.If I can't find an end buyer, then I can use an escape clause to get out of the deal.
Is this an effective way of getting a deal without the intitial up front earnest money?Any info or advice will be appreciated.

Loading replies...