All Forum Posts by: Anson Young

As an REO agent, I can say none of our deals get away with zero EM. Many banks will now contact title right after the property is under contract to see if the earnest money was deposited. Our policy is to have the EM in HAND when your offer is accepted and you have signed the bank addenda, etc.

Promissory notes are pretty much laughed at, no $$, no deal for 99.9% of REO deals out there.

I would try and scrape together at least $500 for EM for any bank deal.

Hope that helps,

Anson

$143k sales price
$5k concession to buyer
$3864 commission buyers agent
$1850 closing costs (round, est. hold open)
$7500 fixup
$80k original purchase
--
$44,786

Closing costs for the buy were around $500 or less, cash purchase with my partner.

I will PM you the info for MLS, etc. We are looking for more, more, more... and work with 3-4 of the biggest players in Denver. If you get me a property, even if I dont buy it I have 4-5 guys who will. Montbello is tough however, the 2 biggest investors I know wont touch it will a 1000 yard pole.

Property is in Denver, Green Valley Ranch.

Work only took 2 weeks on and off, part time working on it.

Thx Guys!

Back in the game, with a bang!

REO purchased for $80k, needed minimum work. Carpet, paint, new deck, stainless appliances, all new light fixtures and doorknobs, new bathroom sink, new kitchen countertops, remodeled the master bathroom (was a work in progress when purchased lol) all for $7.5k. We did all the work ourselves.

Closed for $143,000 w/ $5k buyer concessions.

On to the next one!

I’m loving this community!