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Reply to "Earnest money in MD - where do buyers come up with 5-10% before selling their previous home?"
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[quote=Anonymous]We did $18,000 on a $550,000 house because we couldn't sell our previous home in another city (rented it out but we had no cash out of it) and needed all of our cash to redo the home (needed $100,000 to even start renovation) We bought a foreclosure and bank paid closing costs. We refinanced in a year and the house appraised high enough to avoid having FHA loan. We did lose the $10,000 that the FHA costs at closing but we had no choice.[/quote]
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