Earnest money

[rvbeachbum]

Hi all,

When working with RE agents to submitt your offers, what is a good way to manage earnest money deposits when you will be makings lots of them, like several each week?

Is it best to put some money in an escrow and use that same escrow account for all your offers?

If so, who should place the money in the escrow, the RE agent? Yourself?

Any other suggestions will be appreciated.

Thx in advance.
RV

[wendy]

depends on your state and laws or customary methods.  in some states you place the money with the listing broker, in Texas you place the money with a title co. or an attorney that is handling closing.  The checks are cashed, and in fact if they bounce you are actually in default of the terms of the contract.  you can use any method you would like, personal check, business acct. check or cashiers check.