Marketing the REO to end buyer...HELP!!

[tampasteph]

Your earnest check is not usually deposited until your offer is accepted by the bank.

Steph

[bashir]

To make an offer on an REO you don't need the earnest money check upfront. 

1 of 2 things will happen:

1. You will run across a number of agents who will allow you to submit an offer on the property without anything.  What they will do is show in the contract that the earnest money has been received already.  When the offer is accepted then you have to come up with the check.

2. If a check is required before you make an offer, then they really only require a COPY of a check, which you can use  whatever as long as it's a COPY of a check with your name on it.  I have even gotten away with using a starter check to where I just wrote my address in on it.  With this copy you don't even have to use that specific check when you are required to put the money down.

Either route you go, once the offer has been accepted then you have to put up the real check.

[Bay Area Brian]

Have to agree with Nick and Ted, anything can happen, especially now that so many lenders are putting that can cancel at any time for any reason when they accept a deal on their addendum.
 
So it doesn't matter if you have a contract, I can walk in behind you with a better contract and you better be able to match it and perform, or those dollars you were seeing will vanish into thin air, and reappear in my pocket..

Ted, are you the same Ted Thomas that was doing a ton of foreclosure buying in Contra Costa County in the last century?

[bashir]

I've seen that clause in the addendums as well, but I've never had a bank come in and back out of the deal once your earnest money is in place.  I won't say it can't happen because it's right there in the contract but it's possible I suppose.

[johnm04]

Wait until all necessary requirement are set, patience is a must to stay longer in this industry.