Once your offer finally gets accepted, one of the first things you’ll do is submit an escrow deposit. This money — your “good faith” deposit — helps show the seller that you’re serious about buying the home.
If the home closes successfully, that money is applied to your down-payment. However, if the deal falls through, there is a chance that you could lose out on thousands of dollars.
With that in mind, many buyers want to know what they can do to help keep their earnest deposit safe. Here are 3 foolproof ways to protect your escrow deposit. If you follow this advice, you can rest easy knowing that your hard-earned money will stay where it belongs.