When to Buy Sight Unseen
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In all of my transactions I have never really seen the EMD or option fee be that big of a concern. Most of the time by the time we are to the contract the trust has already been built and deposits are not discussed.
It is possible, and sub2 will still work if the equity isn't too far upside down. If too far upside down you would have to short. Melody Medley does a great job in that arena teaching shorts in the academy.