Home Buying in Irvine>Question Details

Investor, Home Buyer in Irvine, CA

I'm interested in purchasing a home in Huntington Beach, CA. What is the typical escrow amount that I have to submit along with my offer? Thanks.

Asked by Investor, Irvine, CA Sat Feb 15, 2014

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14
As the purchaser you do not get to select the escrow. The seller does. So, you normally just submit what percentage you will pay for.

Just email me if you have any other questions or concerns.

Alex Greer
Loan Officer
NMLS #1056079

http://www.TheMortgageOutlet.com
408-352-5147
AGreer@TheMortgageOutlet.com
1 vote Thank Flag Link Mon Feb 17, 2014
Hi, I notice you just responded. I understand that you feel like 3% is a lot of money. However if you do want your offer to be taken seriously you'll definitely want to consider the 3% or higher if you are really serious and confident about your ability to purchase.

Would you like some assistance with your search or the offer process?
949.395.0960

Have a great evening,
Jaleesa Peluso
http://Www.jaleesapeluso.com
Realtor at Berkshire Hathaway HomeServices Laguna Beach
1 vote Thank Flag Link Sat Feb 15, 2014
Hi! Thanks for posting your question on trulia. A common amount is 3% but you'll have to look at your specific situation with a Realtor and decide what's best for you. Would you like to sit down sometime to discuss this? I am a coastal real estate agent based out of Laguna Beach and I have clients in Huntington Beach as well so I would be happy to assist you in any way I can. Call me anytime at 949.395.0960 or email me at Jaleesa@jaleesapeluso.com. Have a wonderful evening, Jaleesa Peluso Laguna Beach Realtor at Berkshire Hathaway HomeServices 949.395.0960
1 vote Thank Flag Link Sat Feb 15, 2014
Hello! The amount usually ranges from 1-3%. But, if you want to show the seller that you are TRULY interested in the property, then a 2 or 3% deposit would be nice. The check is held until you open escrow.
Good luck in your home purchase in Huntington Beach, if you need any assistance, feel free to call or email me! I would be happy to help in any way!

Warm Regards,

Shelli Banko
Tarbell Realtors
(949)554-9675
BRE# 01942154
shellibanko@tarbell.com
0 votes Thank Flag Link Sun Apr 20, 2014
You will usually submit a copy of a deposit check made payable to "escrow" with your offer. The check is held "uncashed" until you actually open escrow.

The amount can vary, some sellers will specify a certain amount. I usually have my buyers deposit 2% of the purchase price, if seller does not specify an amount.

Much to you!

Kawain Payne, Realtor/Notary
0 votes Thank Flag Link Sun Mar 16, 2014
You will usually submit a copy of a deposit check made payable to "escrow" with your offer. The check is held "uncashed" until you actually open escrow.

The amount can vary, some sellers will specify a certain amount. I usually have my buyers deposit 2% of the purchase price, if seller does not specify an amount.

Much to you!

Kawain Payne, Realtor/Notary
0 votes Thank Flag Link Sun Mar 16, 2014
1-3% depending on how strong you want your offer to be. We give commission rebates or free granite if you use us.

Neal Prochoren
(949) 500-1680
0 votes Thank Flag Link Fri Feb 28, 2014
I failed to add in my post that I am an investor. I saw that you were an investor and assumed you were writing an offer on an investment property. Again, if you have any wholesale deals, please reach out. socalrealrestatenow@gmail.com or 949-302-4946. Of if any real estate agents reading this have a listing they think would be a good flip, please give me a call or send me an email. Thanks, Lisa
0 votes Thank Flag Link Mon Feb 17, 2014
It depends on the price of the property, activity level from other buyer's and feedback from the listing agent. I write my offers with a $5K earnest money deposit on properties under $500K and over that I usually write $10K unless it's in the $800K range and up, then I will increase to $15K or more . If the property has multiple offers, I might advise increasing your earnest money to 3% but it would depend on the feedback from the listing agent. It also may depend on how well qualified you are to close your loan or if you are paying all cash, etc. I see you are an investor. If you have any wholesale deals, please send them my way. My email is socalrealestatenow@gmail.com. Also, please feel free to reach out with help negotiating. Thanks, Lisa
0 votes Thank Flag Link Mon Feb 17, 2014
Typically 3% Earnest Money Deposit is fine. Seller's may ask for an increased deposit, and your realtor can help you to negotiate these terms. Huntington Beach is a great area to live. I really like SeaCliff community and of course Huntington Harbor. Good luck with your home search!
0 votes Thank Flag Link Sat Feb 15, 2014
Thanks for all the answers everyone. They were very helpful. I'm currently looking to purchase between $1.7 to $2.5 million house, and I am not accustomed to the 3% escrow and thought that it was rather high. But I do want my offer to be taken seriously. You all had been very quick to answer my question, and were very detailed oriented, which I appreciate.
0 votes Thank Flag Link Sat Feb 15, 2014
Hi, I typically submit on behalf of my clients a $10,000 initial deposit regardless of the purchase price along with strong financials and a very good buyers package that I help prepare I have a lot of success getting offers accepted with this formula. Please contact me for more information on how I can be of service? I have over a decade with investment properties.
Flag Fri Mar 14, 2014
It looks like we have a couple of questions going on here. If your questions has to do with escrow fees, you can expect to pay anywhere from 1%-1.5% of your purchase price. For a $1.7 million house = $17,000-$25,500 and For a $2.5 million house = $25,000-$37,500.
If you asking about your Earnest Money Deposit (EMD), this is an entirely different question. Your EMD is your initial deposit that will go along with your offer. Typically, 1%-3% of your purchase price is customary. On homes below $1 million or if you want to show the seller that you are really committed, I would recommend anywhere from 2%-3% of the purchase price. But on homes above that, it really depends on the situation. Are there any offers on the table? As the buyer, what are you comfortable putting down? Keep in mind, if you end up getting your offer accepted and purchasing the property, your EMD will go towards to down payment anyway.

Chris Kwon
The Boutique RE Group
chris.kwon@theboutiquere.com
949.427.1101
Flag Mon Feb 24, 2014
3% is typical, but not a rule. Anywhere between 2-3% will show that you're serious, especially in a price range that high. If you need help finding a property or if there's anything you'd like to view, feel free to get in touch.

Best,
Joe Van Fossen
Keller Williams Realty
(714) 584-7154
joe.vanfossen@gmail.com
http://www.HomesinOCandLA.com
Flag Sat Feb 15, 2014
3% is the pretty typical earnest money deposit for your offer to be taken seriously. If you are in competition, and want to make your offer stronger, you can increase to 5-10%, which will show the seller that you are a very serious buyer (remember, the earnest money deposit is at risk to be lost if you fail to perform to the contract).
Most importantly, choose the right Realtor, who will assist you through this process, and represent your interests in the best possible way.
Contact me today, so that I can prove to you that I am the right Realtor for you!!!!

Nicole Fedorchek, Realtor
Tarbell, Realtors
714-914-5097
realtornicolef@gmail.com
0 votes Thank Flag Link Sat Feb 15, 2014
Its usually 1% of the purchase price. If you need a Realtor to assist you, give me a call 714 588.7676 - Ann
0 votes Thank Flag Link Sat Feb 15, 2014
Between 1-3% is the normal amount.
Good luck,
0 votes Thank Flag Link Sat Feb 15, 2014
Generally 3% if you want your offer to be considered seriously. But everything is negotiable!
Flag Sat Feb 15, 2014
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