Offer on Bank Owned w/o Ernest Money

General Real Estate Investing
1

Is there a strategy for making an offer on a property to get an agreement without payintthe EMD at the time of the offer?

2

REOs are sold through real estate agents and you will be required to use the standard purchase agreement with the bank’s required addenda. You won’t be able to avoid paying an EMD entirely, you can only postpone the time when your check is deposited.

Write a check for the EMD and photocopy it. Send in your photocopy with your offer. Only deliver the actual check if your offer is accepted.

3

Thanks, Dave. That sounds like a good strategy. Is that an accepted practice with most Real Estate agents, or should I be prepared from some push back.

4

Hi

Is there a reason that you wouldnt give a prommisory note versus an earnest money check?