Buying A Home
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Escrow Deposit

For those of you who have purchased a short sale, when did you give your initial deposit into escrow? Was it when the offer was accepted by the owner or when it was accepted by the bank?

Re: Escrow Deposit

  • We submitted our good faith check when we signed the contract for our initial bid. We backed out of the short sale so it was never cashed.

    We're currently buying a non-short sale. We had to give the same good faith deposit check when we signed the first contract, and a second deposit was due maybe two or three weeks later.

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  • It depends on your state.  This is not a short-sale exclusive issue.
  • We gave ours when the offer was accepted by the owner.
    Married my love 8-25-12 TTC #1 since September 2012. BFP 2-2-13. photo 455d4bc3-3623-4c16-8dd1-1fbc7e99e147.jpg BabyFruit Ticker My BFP Chart
  • It depends on the state, the bank and the agents. In CA, the buyers agent can hold the check or give it to the listing agent, but either way it is not cashed until the bank accepts the offer and escrow is opened. I would ask your agent to photo copy it and hold it until the bank accepts the offer.
    Elizabeth McKinley LiveWithBliss.com
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