What would you do if you needed $3K EMD by tomorrow?

[Reese Davis]

Good Morning ladies and gentlemen. I'm trying to weigh my options on something. Maybe you can help me. I bid on an online auction property and won for $6,180. In the listing it said no earnest money deposit was required for the property. However, yesterday the portfolio manager sent me the contract asking for $3K EMD. When I mentioned that the listing stated no EMD was required, it said it was incorrect and EMD is required to proceed. What are my options if I don't have the $3K and my credit sucks?? What would you do?? Thanks in advance for all valuable responses.

[Don Gouge]

You have no cash and can't borrow any. What do you want us to tell you? Rob a bank? Wish upon a star? You just want to get mad when you are given solid advice outside of this odd deal. Here is my advice if you want to be successful in real estate but you don't want to hear. Real estate can be a small world. Be a man that the other party knows can carry thru with your commitments. Don't get into deals where you promise cash you can't either pull out of your mattress or get out of the bank the next morning. Honestly, if you can't lay your hands on cash in 24 hours you don't need to be involved in real estate. Build your real estate career on a solid foundation, not one built on dreams and gimmicks.