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Hello BP community. So we have a house that was flipped and put for sale back at the end of July. We had an offer in August but after the inspection report she backed out. It was nothing major just a lot of small easy to repair problems. Since then we only had an offer from an investor for 70k a few weeks ago but my other partners rejected it. I myself wanted to just take it and get it out of my hair. We also have another house we are flipping right now and could use the money from a sale.
$10,000 EMD on a $50,000 purchase prices is certainly pretty big (20%!). I usually put $500-$1,000 down... But apparently this depends on where you are buying. I have heard of places (usually high-priced metro areas) where 3%-10% is the norm. I think in the Midwest 20% EMD is pretty impressive. I am not sure I understand your second question. Are you asking if the EMD will reduce the purchase price? If so, no it won't.
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