Deposit?

[jvattes]

Researching the heck out of this so my ducks are all in a row.

If you bid on a contract and it is accepted, I would assume that is when you would make a deposit, correct? What is a typical deposit amount?

 

[Nurse4kids]

I just paid my deposit today and electronically signed my contract. I wanted to pay as much as I could on my credit card to get points for my flight. I put down 2500.00 on an 8000.00 contract. I was told I could just put 1000.00 down though. 2500.00 was the maximum you could put on a credit card, so I chose to. I am not sure if they take it off my card now or after it passes ROFR. Probably now and then refund it if it gets taken. Praying it passes through!!

 

[minorthr]

in our case min was 10% which would have been $520. We could put a max of $2000 on a credit card if we wanted too.

 

[kangamangus]

We sent our deposit check of 10% last week of 2025. It has not been cashed though so I'm not sure if they cash it only if Disney passes ROFR or if it's cashed no matter what.

 

[supersnoop]

In my experience, the deposit is 10% or $1,000, whichever is higher. I had one contract that was $2,500 total, and had to put down a $1,000 deposit.

Not all of the title companies accept credit cards.

 

[jvattes]

Aside from airline points, what would be the benefit of a larger deposit? Isn't it financially unwise to give them more of your money than they need to have?

 

[supersnoop]

Aside from airline points, what would be the benefit of a larger deposit? Isn't it financially unwise to give them more of your money than they need to have?

A larger deposit is a really bad idea for Hilton Head. I don't know if California or Hawaii law would be unadvisable for those properties.

 

[jvattes]

A larger deposit is a really bad idea for Hilton Head. I don't know if California or Hawaii law would be unadvisable for those properties.

Why is it bad for Hilton Head more than others?

 

[babesboo99]

I have a question if you don't mind. My offer was accepted they sent me an email on sensing them a escrow check is that taken off the total that was accepted?

 

[Ben E N]

I have a question if you don't mind. My offer was accepted they sent me an email on sensing them a escrow check is that taken off the total that was accepted?

Yes

 

[babesboo99]

Yes

Thank you so much. Just making sure I understood it correctly

 

[supersnoop]

Why is it bad for Hilton Head more than others?

If a deal falls through and the terms are in dispute, South Carolina requires a signed release or court order before the escrow funds can be returned. One of the primary attorneys who handles Hilton Head takes the stance that all failed deals require a signed release, even when the terms are crystal clear. That becomes a problem when the seller refuses to sign anything. I almost had to travel to South Carolina and hire another attorney to get my deposit back.

 

[jvattes]

If a deal falls through and the terms are in dispute, South Carolina requires a signed release or court order before the escrow funds can be returned. One of the primary attorneys who handles Hilton Head takes the stance that all failed deals require a signed release, even when the terms are crystal clear. That becomes a problem when the seller refuses to sign anything. I almost had to travel to South Carolina and hire another attorney to get my deposit back.

Wow!