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Answers (4)
- Shannon Thomas, "sthomasrealestate"
- Contributions:218
Here in Indiana we deposit as soon as accepted by seller. There does seem to be some confusion on this though even with Realtors so I always tell the buyers agent that their check will be deposited upon sellers acceptance not bank acceptance.
- Metro Indy Expert.
- Contributions:197
Typically, When you have all signatures that means you have a legal contract. Since the bank has the last word, if they don't sign it you could very well be waiting in vain if they do not accept your offer or approve the short sale.
- Ashley Wilson, "WilsonRealtyGroup"
- Contributions:5
This depends on the state that you are making the offer. In my state, our contract allows the buyer to give initial earnest money and then additional earnest money. What we do on buyer offers, is 0 at inital earnest money, and 1% of purchase price on the additional earnest money when the bank accepts our offer.
- Jim Basquette CRS, CNE, "Jim Basquette"
- Contributions:1231
It depends on the laws in your area and when the offer is accepted.
If you send the offer to the bank before the seller has signed it, it is not accepted and you do not need to deposit the earnest money until acceptance. The home is not marked as pending and you can accept other offers.
If the seller has signed the contract, then it is accepted, but with a second approval required. This is considered as accepted and the ermest money should be deposited.
You local board should have rules on this as to when the offer is considered accepted, and your state should have laws on how soon you must deposit the money after acceptance.
If you send the offer to the bank before the seller has signed it, it is not accepted and you do not need to deposit the earnest money until acceptance. The home is not marked as pending and you can accept other offers.
If the seller has signed the contract, then it is accepted, but with a second approval required. This is considered as accepted and the ermest money should be deposited.
You local board should have rules on this as to when the offer is considered accepted, and your state should have laws on how soon you must deposit the money after acceptance.
When do you deposit earnest money on a contract that has been accepted subject to a short sale?
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