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First, it is important to understand what escrow is. Escrow is an account held by a third party on behalf of two parties in a transaction, generally the title company which will hold the closing.
At this point, an earnest money deposit will be required. This deposit is a small percentage of the purchase price (usually between $1,000 and $10,000 depending on the price of the home) that can later be applied towards the down payment. The amount of the deposit will be agreed upon in the purchase contract. You can wire the deposit directly to the title company or provide a check as well.
*Pinnacle Hint* Don’t be afraid to put down a sizeable escrow deposit with your initial offer. This will show the seller that you are a serious, qualified and legitimate buyer who is ready to play ball. They will treat your offer more seriously as a result.