When putting a property under contract, do you always have to put in money in escrow? If so whats the min.
Thank you for any info.
Consideration (money or other things of value) are not legally required to make an offer though I doubt if many sellers will consider your offer if something is not offered. The general rule where I live is 1% of the offered price is offered as a deposit. I have seen deposits as low as $1,000.00. As is true in most things - it depends.
In our area typical deposits are $500-$1000. Most banks require $1000 Earnest money upfront. If you are working with private sellers or even listed properties and having earnest money is a problem you can always make your earnest money contingent upon the release of your inspection clause (escape clause)