One of the biggest misconceptions I see with first-time homebuyers…
People think their escrow deposit is extra money they have to come up with on top of everything else.
Not exactly.
Your escrow deposit is there to show the seller you’re serious about moving forward. In most cases, that money isn’t disappearing, it’s typically applied toward your down payment, closing costs, or prepaid expenses at closing.
The bigger question I get is…
“What if I change my mind? Do I lose my deposit?”
That’s where contingencies come into play, and they’re one of the most important protections buyers have. We’ll break those down in the next video.
If you’re buying your first home, understanding how your money moves throughout the process can make the entire experience a lot less intimidating.
Joe Pavich Jr, get it sold with Joe, Joe knows real estate, escrow deposit, buying a house, first time home buyer, home buying process, real estate education, buyer tips, escrow explained, real estate advice, home purchase, closing costs, down payment, Florida real estate, Southwest Florida real estate, real estate vocabulary, home buying guide
