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Updated about 2 years ago,
Need help, under contract, seller wants non refundable emd
This is my first investment property. I switched lenders after going under contract and they require 40-45 days to close vs 30 days with previous lenders. I ask for an extension, seller says okay but put another 1000 emd and its non refundable. So all in 2000 on emd. But at this point I have no idea if im getting approved.
Is this a bad idea for an inexperienced investor ? I do like the property it seems to fit my numbers.