Posted by Kevin IL on June 23, 2004 at 08:55:34:
Depends. In my area HUD wants either $500 or $1000 depending on the value of the property.
Other bank owned properties want $500 and up…but I don’t think $1000 is unreasonable. There is a lot of competition for REO’s now and the banks can set any rule they want.
REO Earnest $$ - Posted by Chris Sullivan
Posted by Chris Sullivan on June 23, 2004 at 07:38:00:
I have a Realtor telling me I need to give him 1K upon acceptance of an offer on an REO. This seems high to me. Any thoughts?
Re: REO Earnest $$ - Posted by Kristine-CA
Posted by Kristine-CA on June 23, 2004 at 14:39:19:
Upon acceptance or upon submission of the offer? 1K seems very small to me, especially if you don’t have to submit the check until the offer is accepted. Here most REOs require a check to deposited at the time of the written offer. I require 5K from my buyers. The lender most likely set the earnest amount and probably won’t change it–but of course you could always ask… Kristine