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Do I need to submit an deposit to the agent during a short sale that has not yet been approved by the bank?

By
Real Estate Agent with Just Jersey Real Estate.com

absolutely! you must give a "good faith" deposit to show you are motivated and have the financial means to move forward should the bank agree to the terms. In New Jersey the money must be deposited into an escrow account within three business days of the check date. Either your attorney or the agent can hold the funds.

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