Time for Earnest Money Deposit
Now that your offer has been accepted by the seller and we have a mutually accepted contract, it’s time to drop off your earnest money check. Earnest money checks usually need to be dropped off within 2 business days of mutual acceptance. So, what is earnest money? Click here to read a great article explaining earnest money.
How to Do it
I will email you how much your earnest money check should be made out for, who it should be made out to and where it should be dropped off. Generally, the check is dropped off at escrow. Try to go during normal business hours to drop it off as you’ll need to get a receipt. When you get there, ask the receptionist to give you an earnest money receipt which escrow will also email to me. In addition, please text me after you’ve dropped off the check so I can let the seller’s agent know it’s been dropped off.
If you go after normal business hours or if the office is very small, there may not be a receptionist. Instead, the door may be locked. If this is the case, look near the front door for a dropbox where earnest money checks can be safely left.
Important to Know
As a reminder, your earnest money check amount will be deducted from your final down payment and needs to be dropped off within 2 business days after contract execution.
WARNING! WIRE FRAUD ADVISORY
Cyber Wire Fraud, Business Email Compromise (BEC), Spoofing, and other forms of fraud affecting real estate transactions are on the rise!
Escrow will ONLY send you wire instructions via encrypted emails. Please contact your escrow officer or us using known contact information if you receive a suspicious or fraudulent email.
If you have questions, call or text me at 253-988-8252.