Hello everyone.
Bank accepted my offer on a property. Bank’s addendum states “Buyer is to deposit earnest money in the amount of $1,000.00 in listing agent’s escrow account or with Seller’s closing agent upon acceptance of this Counter Offer. Seller will not execute any contract for purchase without written proof of the Buyer’s earnest money deposit.”
The listing agent gave me a separate pdf with instructions on Wire Transfer to transfer the deposit to banks escrow.
Does this mean wire transfer is my only option? (addendum does not mention anything about wire transfer)
What if I just send a copy of a check in the amount of deposit? Will that count as “written proof of the Buyer’s earnest money deposit”? Or does it mean that “written proof of the Buyer’s earnest money deposit” is a receipt of a completed wire transfer?
I am not too sure about giving up $1,000 that fast until I’m done with the inspection. Last thing I want is if I have to back out of the contract because property repair is more than anticipated, I dont want the bank to take it’s time to return back my $1,000.
Listing agent advised to send the wire transfer no later than tomorrow and to make sure to send a receipt showing I sent the transfer.
Thoughts? Suggestions? Comments? Please. Thank you.