This seems like a crazy question to me.
Do you not have the money?
Do you not want the property?
If you were working with me, I would collect the check when we made the offer, and would deposit it immediately upon mutual acceptance.
I do not at all get why you would want to wait, and jepordize your purchase?
My advice is to get it into escrow ASAP or they could just sell it to someone else stating you are not performing.
Your agent should have informed you to get the money in the account and be ready for it to be cashed.
Best of luck,
Heather Paul, Realtor
Technically it is 3 days but that can go either way with the seller.
Not sure why you want to jeopardize the entire purchase over such a minor detail...
Just give the deposit so you can start the escrow and close as soon as possible.
Congratulations on the offer acceptance! Very exciting.
Now, it's time to adhere to what the Earnest Money Deposit / Good Faith Deposit. Simply stated, the Good Faith Deposit is something a Buyer should be concerned with when delivered an executed contract from a seller. Throughout the transaction, the buyer should want to put their best foot forward by demonstrating their cooperation by abiding by the deadlines stated in the CAR contract. The first sign of earnest action will come from the buyer with their Earnest Money Deposit, otherwise known as Good Faith Deposit.
Depending on how your agent stipulated the time frame for the deposit will dictate your deadlines. CAR's standard time frame is a 3-day period, but your contract should be reviewed to clarify.
The standard amount for the Earnest Money Deposit / Good Faith Deposit is typically 3% of the purchase price.
When everyone abides by the deadlines drawn within the contract, everyone ends up being happy. Remember, real estate is a two-way street. Place your shoes on the seller's feet. Wouldn't you want a buyer to purchase your home with a timely Earnest Money Deposit sent into escrow to demonstrate the buyer's earnest intentions of fulfilling the contract?
I would suggest you speaking with your escrow officer and arrange for your deposit to be delivered or wired tomorrow to guarantee you stay within your contractual guidelines. Also, escrow can give you a time line for the events taking place throughout your escrow period, if your agent has not done so all ready.
Good faith is something all parties should be acted upon in real estate transactions for all points of the contract. If you really want to impress, be timely. I hope I have been able to provide you with some clarity.
Good luck with your escrow and closing!
Keller Williams Realty - Los Feliz
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Congratulations on your home purchase.
None of us can definitively answer the question without seeing your contract and its deadlines.
The CAR form calls for three business days or a specific date. SATURDAY IS A BUSINESS DAY FOR BANKING. However, Saturday is not a business day for escrow, so, without clarification, you have a problem, because IF you wait til Monday, you are late.
Why is this important? Well, aside from the obvious (it's your legal responsibility) you want to show good faith early in the escrow process, because at some point, you will want the good faith returned to you. (Imagine the moment when you find defects that need repairs)
SIMPLE: Get the wire instructions from escrow tomorrow, and wire the funds on Saturday. Or, drop off a check or cashier's check to escrow by close of business Friday. It probably won't be processed out til Monday, but you will have adhered to the letter, and the spirit, of the contract.
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Congrats! Usually its three days after seller acceptance. Make sure you call escrow and let them know its on the way.Also,you can go into your bank and set the wire to go out first thing Monday morning.
Make sure you read and re read your contract,as its very important that you honor your timelines.
Best of luck,
Banks are open on Saturday, mail is delivered on Saturday therefore Saturday is considered a Business day. This should have been discussed up front when you were writing your offer. Any changes need to be agreed to by the Seller.
If this is a foreclosed home it's not unusual for banks to require the earnest money check be delivered with 24 hours of acceptance of the agreement.
Have a blessed day!
As you already knew, it is 3 buisnes days, but it is "within" 3 buisiness days "after" Acceptance, therefore Monday will still meet the three buisiness days requirement. Wed-Thur = Day 1, Thur -Fri = Day 2, Fri-Mon = Day 3. It will be best to have your agent communicate this to escrow and the other agent just so everyone is on the same page. Good Luck!
Good luck in purchasing your home, hope all will go well.