3 Ways to Protect Your Escrow Deposit

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You've handed over a chunk of money to show your interest in a home purchase. Make sure you don't lose it.You’ve made an offer on a property, the seller has accepted, and maybe you’re about to sign a contract. Now it’s time to put some money down to show that you’re serious about moving forward.The amount of money a buyer puts down (and when it’s put down) varies by state and local market. For many, it’s a few thousand dollars, up to three percent of the purchase price. In some parts of the country, it can be up to 10 percent.The deposit is a good-faith gesture to the seller, indicating you’re serious about buying their home. Once deposited, this money can’t be moved or touched without written consent from both buyer and seller. Upon the close of escrow, the earnest money deposit is applied to the balance of the down payment.Like price and terms, the deposit amount is negotiable. But if you put in much less than what’s customary in your market, it won’t fare well with the seller — particularly in a competitive market.That doesn’t mean you can’t get your deposit back — or lose it, if you aren’t careful. From the time you put up the deposit until you close escrow, a lot can happen.Here are the top 3 ways to protect your deposit.