Deposit after the offer is accepted

[beckieannie]

We are in the process of buying a short sale. I got work yesterday that the bank finally approved our offer. Our real estate agent said he needs our deposit ASAP so we can get the inspection scheduled. Does this sound about right?

I am a little unclear as to the timeline of when you give the deposit, and when you can lose your money if the deal falls through. Does anyone have any insight on that?

Thanks!

[lys]

I think you are talking about "earnest money" - which is normal. The amount varies by region and cost of the house. 1K+ is typical in our area. It shows you are serious. You only get the money back if the deal falls thru due to conditions stated in your agreement. If the deal continues to closing - the money will be applied to your purchase.

[jenjen]

Jul 6, 2012 15:01:06 GMT -5 @crackhabit said:

Earnest money is usually given at the time the offer is submitted. It's held in escrow until you close and then it is counted as part of your down payment.

We submitted the actual money once the offer was accepted. We did have to note the earnest money amount on our offer but we didn't write the check until we accepted the counteroffer.