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Escrow Check

Regular Contributor

Escrow Check

I placed a contract on a house and it requires  $1000  escrow check to be submitted.  Is that check cashed when the offer is accepted?  or at Closing
 
 
4 REPLIES
Member

Re: Escrow Check

It will be cashed before closing. It all depends on the seller. In my case I placed a bid on a foreclosure and handed my realtor $1000 check on 08/05. My realtor held the check for me. When he submitted my offer he made a copy and faxed it over to the seller'r realtor. My offer was accepted on 08/15 and then even after it being accepted, it still was not cashed. I received an head's up e-mail from my realtor in September that he was going to deliver the check to the seller. I hope this helps.
Senior Contributor

Re: Escrow Check

Mine cleared my account 3 dyas after opening escrow.  Make sure that you have $ to cover it and do not ask for them to "hold" the check.  They will consider the fact that you do not have the 100 ready to go as a sign that you are not ready to purchase the property.
Regular Contributor

Re: Escrow Check

You should ask your realtor.
 
We had to present a $500.00 within 3 days of acceptance of offer.  They cashed it within 2 days.
 
We will get it back in the form of a $500.00 check from their attorney at closing.
Regular Contributor

Re: Escrow Check

Thanks everyone.  That was helpful.