OfflineI am working on getting some REO's to flip. The problem that I am running into is the escrow fee that is being asked for at the acceptance of the offer. I want to do a totally "NO MONEY DOWN" strategy, and I almost have it perfected. I have two sources that I can use for POF and the CASH for my A to B part of the transaction.
The banks won't even look at a deal without the escrow deposit. Does anyone know how to get around this?
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Heather
"I can do all things through Christ who strengthens me" Phil 4:13
I suppose if you have a cash buyer already lined up it would not be a problem to ask them for an up front non-refundable deposit so that they have something vested in the deal, and then use that money for the escrow deposit when the offer is accepted; but what if you don't have a buyer yet?
Heather
"I can do all things through Christ who strengthens me" Phil 4:13
Heather
I use one check and photo copy it with every offer and when offer is accepted I submit with my offer a contingency that escrow funds be paid at close of excrow and have not really had any other balk at it.
Anita
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TWITTER - anitarny / FACEBOOK - anitarny
"FAILURE IS NOT AN OPTION"
I use one check and photo copy it with every offer and when offer is accepted I submit with my offer a contingency that escrow funds be paid at close of excrow and have not really had any other balk at it.
So, is it an addendum with the contingency that you are submitting with your offer once it is accepted?
Heather
"I can do all things through Christ who strengthens me" Phil 4:13
it is
Anita
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TWITTER - anitarny / FACEBOOK - anitarny
"FAILURE IS NOT AN OPTION"
Hi Anita, I sent you a PM early this morning. Thx for your time.
Bruce
anitarny,
i have a question on your escrow fee check that you photo copy ? how is the escrow amount determined, and do you fill out your check and sign it? and do you actually pay the escrow fee or does the end buyer?
thanks, perry
I forgot to ask you, if it is a copy of a check, is the check a blank check, or do you have a pre-determined amount on that check?
Also, do you use an agent to hold onto the check for you, and then have the agent submit the addendum after the offer acceptance? The reason I ask is I have a few real estate agents I am working with and might just want to keep the check on file with them. Thanks again!
Heather
"I can do all things through Christ who strengthens me" Phil 4:13