OfflineI want to make an offer through an agent, and of course they want the $500 deposit check. My question is, when do they actually cash the check? After the offer is accepted, or at closing?
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Question about offer deposit
Posted on: Wed, 07/10/2013 - 04:23
They cash it at the closing.
Donald Myers
Myers Real Estate Group
Donald Myers
But me I don't deal with agents because they think you are stealing their profits and that you are being a Realtor or agent without a license.
Donald Myers
In my experience, it is cashed or otherwise negotiated (deposited) upon acceptance of offer.
Lenee
www.allstarhouses.com
~Act successful! And you'll draw it to you.~
~Every achievement, big or small, begins in your mind. It starts as a thought.~
We have had agents return the check to us at closing. I guess it depends on the agent you are working with.
" Not Having a goal is more feared than not reaching one"
Christa Niven
In my experience, escrow deposits are deposited with the title company or escrow company that will complete the closing upon acceptance of the offer. These deposits are applied to the purchase price and will show up on the closing statement.
Escrow deposits are a show of good faith that you are willing and able to complete the transaction. I would wager that a bounced escrow deposit check would not be a very good show. If the timing of the deposit is critical, then make that a stipulation in the purchase agreement (i.e. the escrow check will be held by the title company and deposited 24 hours before closing - or something similar).