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Updated over 15 years ago,
Can I buy an reo with $0 earnest money?
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.